InterVene is an up and coming medical device start-up company reinventing the way physicians treat severe venous disease in the legs. This technology represents the first ever catheter-based, non-implantable approach, which allows physicians to create new vein valves for patients who are unable to efficiently pump blood out of their legs and back to their heart. Millions of Americans currently suffer from painful venous stasis ulcers (VSU’s) and other costly and devastating symptoms, yet no therapy currently exists to solve one of the most prevalent underlying causes: deep vein valve failure. InterVene plans to change that.
InterVene Inc. today announced the initial closing of $5.9 million in Series A funding. The funding round was led by Boston Scientific (NYSE: BSX) with other investors including North Texas Angels Network, Green Park and Golf Ventures, LaunchCapital, and a syndicate of angel investors. The Series A funding will support a two-stage clinical trial.
"These studies will be the first ever involving a catheter-based therapy to correct the underlying cause of chronic venous insufficiency (CVI) by creating new deep vein valves out of a patient’s own vein wall tissue."
The trials will be aimed at demonstrating clinical functionality and acute safety.
InterVene is a showcase participant in the Innovation Cultivation program at the Fogarty Institute, a nonprofit organization which hand selects entrepreneurial innovators working on promising new therapies. Founded by Dr. Thomas Fogarty, the institute strives to disrupt the traditional processes for medical innovation, which are fraught with obstacles that hinder the development and growth of new ideas.
The current standard of care for deep vein insufficiency is palliative, using compression therapy and local would care. This treatment, however, does not address the underlying valvular pathophysiology, and suffers from an 80 percent non-compliance rate. As a result, patients suffer from show ulcer healing and frequent ulcer recurrences, which significantly decreases quality of life. Additionally, this costs the U.S. healthcare system over $1.9 billion a year in hospitalizationz and wound care.
InterVene has developed a catheter technology based on a proved open-surgical predicate (Maleti Neovalve) that durably creates new valves out of the patient's native vein wall tissue. This minimally invasive approach allows for access to a new segment of the CVI market by transitioning that strategy of care away from costly, chronic, disease management to curative intervention.
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