VentureMed Group, Inc., a Toledo, Ohio-based medical device company developing and commercializing innovative endovascular products to treat patients suffering from peripheral artery disease (PAD), raised $15m in Series B funding.
The round was led by new investor Endeavour Vision, with participation from new investor RiverVest Venture Partners.
Led by Chief Executive Officer Gary L. Smith, VentureMed Group provides FLEX, which incorporates proprietary technology that allows for Dynamic Scoring® within femoral-popliteal arteries or within native or synthetic arteriovenous fistula or grafts. Its design allows the operator to prepare a diseased vessel in a single insertion without the need for multiple balloon inflations or device exchanges. FLEX can be used prior to adjunctive therapies (angioplasty, drug coated balloon, bare metal stenting and drug eluting stent) in the treatment of peripheral artery disease.
The proceeds from the equity financing will be used to fund VentureMed’s strategic clinical plan (which includes current and future trials in the US and Europe) and key operational and research and development programs; expand the worldwide commercial team; and support regulatory and reimbursement initiatives for FLEX.
FLEX is FDA approved and has CE Mark approval and is available for sale and distribution in the United States and Europe.