Veniti, Inc., a St. Louis, Mo.-based medical device company focused on the development of innovative solutions for the comprehensive treatment of chronic venous insufficiency (a condition that affects up to 20% of all U.S. adults), has raised $13.5m in Series A financing.
The round was co-led by Baird Venture Partners, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL), with participation from Prolog Ventures, St. Louis Arch Angels and a number of individual investors.
The company intends to use the funds to:
– acquire two additional medical device companies Varix Medical Corporation (Sunnyvale, CA) and Teneo Medical Development (Fremont, CA), and
– begin commercialization of multiple products singularly focused on treating chronic venous disease.
Led by President and CEO Sean Morris, Veniti has developed a platform that is designed to provide medical professionals with a comprehensive solution for treating venous disease, including a vapor-based endovenous ablation system, a vena cava filter anchoring technology, and a stent system designed specifically for treating this complex disease.
Initial products are expected to be available in late 2011.
In conjunction with the funding, Mr. Morris, Michael Liang, Ph.D., Partner at Baird Venture Partners, and Frank Gentile, Ph.D., of Hambrecht & Quist Capital Management, LLC, will join Veniti’s Board of Directors.
Dr. Tom Duerig, the President and CEO of Nitinol Devices & Components, Inc. (NDC), a provider of Nitinol materials and components to the medical device industry, will also join the Board of Directors.