InterVene has raised $15 million in a Series B financing round for the development of its venous valve repair device.
The funding round was led by new investor 3×5 Partners. Other participants included prior investors RiverVest Venture Partners, Boston Scientific Corporation and Correlation Ventures among others.
The company’s catheter-based BlueLeaf Endovenous Valve Formation System for deep vein reflux (DVR) does not require an implant.
InterVene CEO Fletcher Wilson said: “The funds will be utilised to expand our clinical research programme abroad, and to initiate trials in the US via an Investigational Device Exemption study.”
“We expect to further demonstrate safety and clinical effectiveness while we optimise the BlueLeaf System and procedure in preparation for a subsequent pivotal study.”
The company noted that its BlueLeaf System has been designed to address severe chronic venous insufficiency (CVI) due to DVR by forming new vein valves for patients without the need for an implant.
A physician can use the system to develop new valves from the inner layer of the vein wall. This will result in ‘autogenous’ valves, which aim to reduce retrograde blood flow and lessen the symptoms associated with elevated venous pressures.
The BlueLeaf technique, which is predicated on the Maleti Neovalve open-surgical procedure, enables patients to avoid the trauma of open surgery.
Additionally, it allows the formation of multiple valves in a single procedure and mechanises certain aspects of the open surgery.
Approximately 6.5 million Americans suffer from DVR which involves the failure of venous valves in the legs and can lead to poor blood flow back to the heart and the formation of blood in the legs.