VenoStent picked up an additional $4 million to round out a $20 million Series A financing round. Houston-based VenoStent received the $4 million from Norwest Venture Partners. Good Growth Capital and IAG Capital Partners co-led the entire Series A round. It also received a $3.6 million Small Business Innovation Research (SBIR) Phase II Grant from NIH.
The company says the funds should help it conduct a multi-center, 200-patient, randomized controlled trial in the U.S.
Related: Materna Medical Collects $20 Million in Series B2 Financing
VenoStent develops a bioabsorbable perivascular wrap called SelfWrap. It goes around arteriovenous (AV) access sites at the time of AV fistula creation surgery.
The company designed SelfWrap to accelerate the usability and increase the durability of fistula sites for chronic kidney disease (CKD) patients requiring hemodialysis. SelfWrap uses the body’s own healing mechanisms to mimic the arterial environment in veins. Veins generally experience a significant pressure and flow increase during AV creation, leaving veins unusable for dialysis.
VenoStent received FDA investigational device exemption (IDE) in May 2023 to conduct its SAVE-FistulaS study. It received breakthrough device designation a year prior.
“In the span of a few months, we initiated our first clinical sites, enrolled the first patients in our large RCT and closed our Series A with Norwest. We also received the NIH grant, which enables us to execute our trial with the highest degree of quality and rigor to make it as scientifically robust and impactful to patients as possible,” said Tim Boire VenoStent CEO and co-founder. “Each of these are major company milestones that collectively represent many years of intensive and fruitful R&D and collaboration. These recent milestones will propel our company forward to an exciting next phase.”
