Sapheon Inc., a Morrisville, NC-based medical device company, raised $19.8m in Series B equity funding.
Backers included current and new investors.
Led by Don Crawford, President and CEO, Sapheon develops VenaSeal, 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 company intends to use the capital for the U.S. pivotal study through final submission to the FDA of the PMA application for the VenaSeal Sapheon Closure System. Sapheon full enrolled 242 patients in the study of the system, which is not commercially available in the United States but received CE Mark approval in September 2011.