InterVene closed a $13 million Series A financing round co-led by new investor Treo Ventures and existing supporter RiverVest Venture Partners. In conjunction with the investment, Treo Ventures founding general partner Brad Vale has joined InterVene’s Board of Directors. “Treo is excited to invest in InterVene and looks forward to working with its team to commercialize products for patients dealing with the impact and complications from venous thrombosis,” Vale commented.
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The company will use the money to fund the final development of its Recana catheter system, begin clinical cases, prepare a regulatory submission, and pursue U.S. market clearance. In addition, the proceeds will help InterVene commercialize Recana and conduct post-market clinical research.
“RiverVest and Treo Ventures have strong track records in emerging endovascular fields and InterVene is thrilled to have their support as Recana reaches its final phases of development,” InterVene CEO Jeff Elkins said. “We are excited to work with these teams on such a significant opportunity to help physicians and their patients with venous conditions.”
InterVene designed Recana to recanalize and restore patency in chronically obstructed deep veins and venous stents, particularly when recanalization capabilities are limited or when long-term chronic stent maintenance is necessary. Using standard fluoroscopy/IVUS guided interventional techniques, Recana can be easily incorporated by vascular specialists already performing deep vein thrombosis (DVT) treatment and deep venous stenting, according to the company.
“We’ve been strong supporters of InterVene and the rapidly emerging venous interventional space,” said Jay Schmelter, RiverVest co-founder, managing director, and InterVene board member. “There’s palpable excitement in the field, and we believe the company is very well-positioned to address significant unmet needs for patients with chronic venous insufficiency (CVI) and post-thrombotic disease.”
More than 15 million Americans suffer from deep venous obstruction, which includes acute DVT and chronic post-thrombotic syndrome etiologies. Approximately 650,000 cases of DVT are diagnosed in the U.S. each year.
“With the dramatic growth of venous interventions, DVT thrombectomy, and venous stents, experience has made us more aware of the causes and often life-long impact of deep venous obstruction and occlusion as well as a need for reinterventions in many patients,” noted Professor Stephen Black, M.D., venous surgery physician at King’s College, London, consultant vascular surgeon at Guy’s & St. Thomas’ Hospital, London, and InterVene advisor. “This is especially prevalent before and after treatment in post-thrombotic patients and the challenging problem of in-stent restenosis. Recana will be a valuable tool for recanalization in these settings and offers new treatment options for patients requiring ongoing care.”
Based in Redwood City, Calif., Intervene was formed with help from the Stanford Biodesign Fellowship program and was a former Company-In-Residence at the Fogarty Institute for Innovation. The company develops interventional technology for treating the causes of CVI with a specific interest in deep veins and the more severe, challenging aspects of venous disease.
