Sapheon Completes $8.6M First Closing of Series B Equity Funding
Sapheon Inc., a Santa Rosa, CA-based medical device company that is developing treatment options for venous reflux (saphenous vein) disease, has completed an $8.6m first closing of its $18.5m Series B equity funding.
Backers include Millennium Life Sciences Fund.
The company intends to use the proceeds to complete a randomized clinical trial and meet additional FDA requirements through the PMA submission process.
Sapheon focuses on an advanced treatment option for venous reflux (saphenous vein) disease. The company has developed and obtained European Union regulatory approval for the VenaSeal™ Sapheon® Closure System, which uses a proprietary medical adhesive to close the saphenous vein, eliminating the need for surgery, ablation, sedatives, anesthesia, and the use of harsh chemicals.
The system is not currently commercially available in the United States at this time.
In conjunction with the closing, Aaron Berez, M.D, co-founder and CEO of Chestnut Medical Technologies, Inc., has joined the company’s Board of Directors.