Company name: Sapheon Inc.
Industry: Medical devices.
Location:Santa Rosa, California.
Solution/product: VenaSeal Sapheon Closure System, a medical adhesive that seals the saphenousvein in the treatment of venous reflux, which can lead to painful varicose veins. The company’s solution aims to be an alternative to current treatmentsablation, sedatives, anesthesia and the use of harsh chemicals.
Money raised: $8.6 million out of $18.5 million in a series B round.
How it will be used:Funds will support a randomized clinical trial and other regulatory requirements to win premarket approval from the U.S. Food and Drug Administration.
Investors:Millennium Life Sciences.
Management team:Don Crawford, founder and CEO; Dr. Rod Raabe, founder and chief medical officer.
Market size:$1 billion, according to the company.
Competitors: Veniti Medical and Covidien.
[Photo Credit: freedigitalphotos user Salvatore Vuono]
By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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