Veran Medical secures $31 million to accelerate commercialization and innovation of SPiN Thoracic Navigation System™ Technology Platform
Veran Medical Technologies today announced the closing of a $31 million debt and equity financing. The debt financing is provided by Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and the equity financing was completed by existing investors Versant Ventures and River Cities Capital Funds. Veran will use proceeds of the financing to accelerate commercialization and innovation of its SPiN Thoracic Navigation System™ technology platform.
Veran’s SPiN Thoracic Navigation System™ is a revolutionary technology that helps speed time to diagnosis and provides pinpoint thoracic guidance for life saving therapies for lung cancer patients. The SPiN System™ provides best in class cancer treatment providers with a scalable platform solution that can also be utilized for managing other leading cancers like liver and kidney cancers.
“We’re pleased to secure yet another investment commitment from a new investor who recognizes the impact that Veran can have in our mission to significantly improve long-term survival rates for cancer patients,” said Veran Medical CEO Jason Pesterfield. “The funding will provide us with the working capital necessary to continue our focus on accelerating growth and innovation in the global lung cancer market. Our platform provides lung cancer specialists with the best solutions available to better serve patients, save lives and reduce unnecessary procedures, complications and costs.”
Veran’s SPiN System™ offers exclusive features including respiratory gating technology that tracks moving lung lesions, Always-On Tip Tracked® instruments equipped with electromagnetic sensors to ensure pinpoint guidance throughout the procedure—even during sampling, and SPiN Perc™—which enables physicians to seamlessly transition from a navigated bronchoscopy to navigated transthoracic needle aspiration in a single procedure to capture small, peripheral nodules—all while accessing the shortest path to these challenging targets.
“Oxford is pleased to provide funds to support Veran’s commercialization and innovation of their SPiN Thoracic Navigation System™,” said Christopher A. Herr, senior managing director at Oxford Finance. “We believe Veran is well positioned to capture physicians and hospital systems that have been disappointed by the current standard of care, legacy technology solutions and inefficient patient flow pathways.”
“We’re very encouraged by the rapid growth we’ve seen since our investment in Veran last year. We continue to be excited about Veran’s innovation pipeline, the company’s growing body of clinical evidence, and its footprint in leading lung cancer treatment programs,” said Kirk Nielsen, Veran board member and managing director at Versant Ventures.
“This infusion of working capital will allow Veran to expand its commercialization efforts and continue building on evidence that demonstrates the impact this technology can have for cancer patients,” said David Kereiakes, Veran board member and a principal at River Cities Capital Funds.