Veran Medical Technologies Inc., a St. Louis, MO-based medical device company, completed a $30.6m venture capital financing round.
The round was led by Versant Ventures and River Cities Capital Funds with participation from existing investors Prolog Ventures, Advantage Capital, Rex Health Ventures, 3G Capital, Dynamic Investments, and Vectis. In conjunction with the funding, Kirk Nielsen, Managing Director at Versant Ventures, and David Kereiakes of River Cities Capital Funds, joined Veran’s Board of Directors.
The company intends to use the funds for commercial expansion in the U.S. and entry into international markets.
Led by CEO Jason Pesterfield, Veran develops image-guided endobronchial and percutaneous technology for diagnosis of lung cancer and therapy delivery. The company commercializes the SPiN Thoracic Navigation System, which includes a hybrid lung cancer diagnostic procedure called SPiNPerc. SPiNPerc combines two main platforms, navigational bronchoscopy and percutaneous navigation, to give physicians more tools in a single procedure to diagnose early stage lung cancer.
The system and SPiNPerc are being used by cancer centers in the U.S. to enable physicians to navigate to suspicious nodules through either an endobronchial or percutaneous approach using a patient-specific airway map derived from a low dose CT scan.