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April 11, 2022

I-VASC raises funds to launch CVI treatment device

The proceeds will be used for post-market clinical studies of the VELEX device and obtaining FDA approval.

Italian medical device firm I-VASC has raised $1.95m (€1.8m) in a Series A financing round to launch VELEX, a device to treat chronic venous insufficiency (CVI).

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The Luca Trevisan, Bootes (Rosario Bifulco), Nalini family Office and other qualified investors participated in the financing round along with former shareholders.

The company intends to use the funding for post-market clinical studies of the VELEX device, to complete the industrialisation of the product and to obtain approval for the US market from the Food and Drug Administration (FDA).

VELEX is a patented minimally invasive medical device that is developed for the empty vein ablation (EVA) procedure in CVI patients.

Claimed to be the company’s first CE Marked device, the non-thermal, non-tumescent endovascular device comprises a percutaneous three-ballon catheter that allows the performance of chemical ablation (Schlerotherapy) following isolation and removal of blood from the vein portion that needs to be treated.

I-VASC stated that this process enables full control of the schlerosant agent contact, distribution and time.

The newly appointed I-VASC CEO Daniele Zanotti said: “I am thrilled to embrace this new professional adventure and put my experience at the service of a project which has the potential of representing a new paradigm in the largely underserved market of CVI and varicose vein.

“With the considerable efficacy, safety and usability improvements that VELEX can offer with respect to all alternative methods, we have the opportunity to offer a better option to millions of patients and create a huge new value in the vascular arena.”

I-VASC raised $81,571 (€75,000) in the first half of last year, as well as another $1.159m (€1.066m) before the end of the year.

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GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
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