Company name: Sapheon Inc.
Industry: Medical devices.
Location: Santa Rosa, California.
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Solution/product: VenaSeal Sapheon Closure System, a medical adhesive that seals the saphenous vein in the treatment of venous reflux, which can lead to painful varicose veins. The company’s solution aims to be an alternative to current treatments ablation, 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.
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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]