Financing Will Accelerate Clinical Research, Development and New Digital Therapeutic Device Launches Targeted at Pelvic Floor Disorders
Boston, MA – August 21, 2018 – Renovia Inc. (“Renovia”), a company dedicated to discovering and delivering first-line digital therapeutic and diagnostic devices for women with pelvic floor disorders, today announced the close of $42.3 million in financing, including $32.3 million in Series B equity and $10 million in venture debt. Proceeds from the funding will be used to support Renovia’s clinical trials, product development pipeline, corporate development and future commercial launches.
The Series B financing was led by Perceptive Advisors and Ascension Ventures, with participation from Longwood Fund, Inova Strategic Investments, Cormorant Asset Management, OSF Ventures and Western Technology Investment. BayCross Capital Group acted as an advisor to Renovia.
“We are thrilled to have the support of this group of leading healthcare investors who share our vision to better diagnose, treat and improve the lives of millions of women affected by pelvic floor disorders,” said Marc Beer, Co-Founder, Chairman and Chief Executive Officer of Renovia. “This mix of existing and new financial investors, and the participation of three leading integrated health networks with whom we can partner, is so well-aligned with Renovia’s clinical and commercial vision.”
Beer added, “Combining our innovative and proprietary sensor technologies and form factors with a digital health platform will give our customers valuable data to inform new treatment options, drive greater knowledge and understanding of pelvic floor disorders, and ultimately lower long-term healthcare costs.” This is something that a lot of people will enjoy hearing. Healthcare costs can be extremely high, forcing some people to take out loans to cover these costs. However, people who are new to the country struggle to achieve similar loans, forcing them to find out more about credit cards without an SSN here to build their credit score before applying for higher loans. By lowering the costs of healthcare, it will hopefully be more accessible for all people. Beer continued to say that “this funding recognizes the tremendous value in our innovative digital therapeutic and diagnostic product pipeline that we plan to bring to the treatment of pelvic floor disorders, including urinary incontinence.” Furthermore, having a healthcare plan in place, as well as health insurance, will mean that the individual and their employer are paying into a pot to fund any necessary procedures that may be needed. Therefore using things like medicaid california can put these plans into action and allow for better healthcare funding.
Urinary incontinence represents a common and burdensome global condition, affecting an estimated 250 million women worldwide. Since its founding in 2016, Renovia has been committed to developing a product pipeline with the therapeutic and diagnostic potential to have a profound positive impact on the lives of women. Renovia’s existing FDA-cleared device has a targeted mechanism of action that isolates and directs optimal movement of the levator plate. This device and the full product pipeline all leverage state-of-the-art patient-based apps and data management technology to provide precise, cost-effective treatment of weakened pelvic floor muscles in real-time, while collecting actionable compliance and progress data on women’s pelvic health. In 2018, Renovia added key members of senior leadership, including the appointments of Samantha Pulliam, MD as its Chief Medical Officer, Jessica McKinney, PT, MS as Vice President of Medical Affairs and Clinical Advocacy, and Jim O’Connor as General Counsel.
Renovia was formed to develop and commercialize products for better first-line diagnosis and treatment to improve the condition-specific quality of life for millions of women with pelvic floor disorders. Renovia’s technology enables treatment via precise visualization of pelvic movement in real-time during pelvic floor muscle training, while monitoring usage and progress over time. As a women’s health organization, Renovia is in pursuit of scalable and cost-effective care for pelvic floor disorders delivered through the power of digital health.
Jim Barron/Chris Kittredge/Tori Goodell
Sard Verbinnen & Co.