Minimally invasive peripheral vascular device maker Vesper Medical said today it raised $10.5 million in a Series A financing round.
The Wayne, Penn.-based company said it plans to use funds from the round to complete development of its Vesper Duo venous stent system, including in vivo testing as it seeks approval to proceed to clinical testing of the stent system.
“There are more than 25 million1 U.S. adults suffering the debilitating consequences of deep venous disease, and traditional treatments fall short for many of them. We see an enormous opportunity to deliver a lasting solution for these patients that is tailor made to the unique requirements of the deep veins,” prez & CEO Bruce Shook said in a press release.
The financing round was led by New Enterprise Associates and Quaker partners, Vesper said, and occurred in two tranches which are now complete.
“We are enthusiastic to partner with the Vesper team in their mission to provide a best-in-class solution to treat deep venous disease. Venous intervention has been long underserved as a place for innovation, but is now at a growth inflection point as the next major category in the peripheral vascular market,” New Enterprise Associates partner and Vesper board member Dr. Justin Klein said in a prepared statement.