REDWOOD CITY, Calif.--(BUSINESS WIRE)--InterVene, Inc., a clinical-stage medical device company dedicated to developing interventional solutions for chronic venous insufficiency (CVI), announced today the closing of its $13M Series A financing round. The financing was co-led by new investor Treo Ventures and existing investor RiverVest Venture Partners®. In conjunction with this financing, Brad Vale, Treo Ventures founding general partner, has joined InterVene’s Board of Directors.
Proceeds from the round will fund the final development of the company’s Recana catheter system, initiation of clinical cases, regulatory submission, and market clearance in the United States. In addition, proceeds will support preparation for initial commercialization and post-market clinical research.
“RiverVest and Treo Ventures have strong track records in emerging endovascular fields and InterVene is thrilled to have their support as Recana reaches its final phases of development,” said InterVene CEO Jeff Elkins. "We are excited to work with these seasoned, accomplished teams on such a significant opportunity to help physicians and their patients with venous conditions.”
InterVene designed Recana to recanalize and restore patency in chronically obstructed deep veins and venous stents, particularly when recanalization capabilities are limited or when long-term chronic stent maintenance is necessary. Utilizing standard Fluoroscopy/IVUS guided interventional techniques, Recana can be easily incorporated by vascular specialists already performing deep vein thrombosis (DVT) treatment and deep venous stenting.
“We’ve been strong supporters of InterVene and the rapidly emerging venous interventional space,” said Jay Schmelter, RiverVest co-founder and managing director and member of InterVene’s Board of Directors. “There’s palpable excitement in the field, and we believe the company is very well positioned to address significant unmet needs for patients with chronic venous insufficiency (CVI) and post-thrombotic disease."
“Treo is excited to invest in InterVene and looks forward to working with its deeply experienced team to commercialize products for patients dealing with the impact and complications from venous thrombosis,” said Vale.
“With the dramatic growth of venous interventions, DVT thrombectomy, and venous stents, experience has made us more aware of the causes and often life-long impact of deep venous obstruction and occlusion as well as a need for reinterventions in many patients,” noted Professor Stephen Black, MD, venous surgery physician at King's College, London, consultant vascular surgeon at Guy’s & St. Thomas’ Hospital, London, and InterVene advisor. “This is especially prevalent before and after treatment in post-thrombotic patients and the challenging problem of in-stent restenosis. Recana will be a valuable tool for recanalization in these settings and offers new treatment options for patients requiring ongoing care.”
More than 15 million Americans have deep venous obstruction, which includes acute DVT and chronic post-thrombotic syndrome (PTS) etiologies. There are approximately 650,000 cases of DVT diagnosed in the U.S. each year.
About InterVene, Inc.
InterVene, Inc., located in Redwood City, Calif., in the San Francisco Bay Area, was formed with assistance from the Stanford Biodesign Fellowship program and was a former Company-In-Residence at the Fogarty Institute for Innovation. Staffed by highly experienced interventional cardiovascular professionals and advised by accomplished venous thought-leading physicians, the company develops interventional technology for treatment and prophylaxis of the causes of CVI with a specific interest in deep veins and the more severe, challenging aspects of venous disease. For additional information, visit www.intervene-med.com.
