Veran Medical Technologies Inc. has completed $30.6 million financing. The medical device company is focused on improving lung cancer diagnosis and therapy using image-guided endobronchial and percutaneous technology. The financing will help to expand internationally.
“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, according to PE Hub. “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 company’s SPiN Thoracic Navigation System, which is currently being used by many cancer centers in the U.S., uses low dose CT scans to map patients airways, and Veran’s model can provide fast diagnosis in a single procedure.
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“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.
