Veran Medical Technologies Inc., a privately-held medical device company and leader in image-guided endobronchial and percutaneous technology for diagnosis of lung cancer and therapy delivery, has completed a $30.6 million financing, led by Versant Ventures and River Cities Capital Funds. The financing was oversubscribed with participation from existing investors Prolog Ventures, Advantage Capital, Rex Health Ventures, 3G Capital, Dynamic Investments, and Vectis. The financing will support Veran’s commercial expansion in the U.S. and entry into international markets.
“Veran’s SPiN Thoracic Navigation System and SPiNPerc are transforming the physician’s ability to accurately access and diagnose hard-to-reach solitary pulmonary nodules (SPN’s) and to provide cost-effective care for the 2.7 million SPN’s found annually in the U.S.,” said Veran CEO Jason Pesterfield. “With this new financing, we are well positioned to accelerate our commercial expansion plans to address this fast growing multi-billion dollar potential market while helping our customers save more lives through the early diagnosis of lung cancer.”
The SPiN Thoracic Navigation System and SPiNPerc are being used by many of the top cancer centers in the U.S., and they enable physicians to navigate easily to suspicious nodules through either an endobronchial or percutaneous approach using a detailed, patient-specific airway map derived from a low dose CT scan. With Always-On Tip Tracked instrumentation and patient tracking of respiration, Veran enables accurate and fast diagnosis in a single procedure versus what has traditionally taken several procedures to get a lung cancer diagnosis.
“With Veran’s revolutionary technology and the recent CMS approval of lung cancer screening, the company has the potential to advance treatment for the millions of patients annually that are found to have a lung nodule. By providing the physician with best-in-class navigational tools, more patients will receive earlier definitive diagnoses that enables optimal care and the chance for improved clinical outcomes,” said Kirk Nielsen, Managing Director at Versant Ventures, who joined the company’s Board of Directors with the financing.
“We have been tracking Veran and the thoracic navigation space for a number of years, and we believe the company has reached an inflection point as it relates to clinical validation and market adoption with their innovative next generation platform. We are excited to be working with this experienced team to build a very successful company,” said David Kereiakes of River Cities Capital Funds, who will also join Veran’s Board of Directors.