Metavention, Inc., a Minneapolis, CA-based medical device company, completed a $65m Series C financing.
The round was led by New Enterprise Associates (NEA) with participation from new investors Sanderling Ventures, RK Mellon and Horowitz Group, plus existing investor Versant Ventures and a corporate investor.
The company will use the funds to optimize its novel transcatheter based Metabolic Neuromodulation Therapy (MNT) for glucose control in patients with Type 2 diabetes (T2D) and commence preparations for a Phase 2 study in the United States.
Led by newly appointed CEO Todd Berg and Founder, President and Chief Medical Officer Bobak Azamian, M.D., Ph.D., Metavention develops transcatheter devices to treat over active sympathetic nerves associated with elevated glucose and abnormal liver function. Its Metabolic Neuromodulation Therapy provides physicians and patients with a new tool in the management of T2D. It utilizes standard interventional vascular techniques to target sympathetic nervous system (SNS) activity in patients with Type 2 diabetes. MNT was developed based on extensive scientific data linking SNS activity with increased blood glucose levels and abnormal liver function, and thus has the potential to provide substantial benefits in metabolic diseases such as T2D and nonalcoholic fatty liver disease.