Veran Medical Technologies is a St. Louis, MO medical device company that developed and commercialized the FDA-cleared SPiN Thoracic Navigation System. The SPiN system is an electromagnetic thoracic navigation platform featuring proprietary technology that allows physicians to transition from navigated bronchoscopy to navigated TTNA in a single procedure. The technology has been adopted by cancer centers throughout the United States. Led by CEO Jason Pesterfield, the company will use the proceeds from its recent financing to accelerate commercialization and further innovate the SPiN technology platform. Veran closed a $31 million financing that included both debt and equity components. Debt financing was provided by Oxford Finance while equity was raised from existing investors Versant Ventures and River Cities Capital Funds. Veran develops the SPiN Thoracic Navigation System and a hybrid diagnostic procedure called SPiNPerc, which combines navigational bronchoscopy and percutaneous navigation to help physicians diagnose early-stage lung cancer. The system uses a patient-specific airway map derived from a low-dose CT scan to navigate to suspicious nodules via endobronchial or percutaneous approaches. Cancer centers in the U.S. are using the technology to enable navigation and diagnosis in a single procedure. Led by CEO Jason Pesterfield, the company is focused on commercial expansion in the U.S. and plans entry into international markets. The recent financing will support those commercial growth initiatives. Veran Medical Technologies is a St. Louis, MO–based company developing minimally invasive delivery solutions for interventional oncology therapies. Its core product efforts center on clinical products built on the IG4 platform technology, which uses proprietary 4-D registration capabilities to target lesions within the human body. The company completed an over $15M financing round. Participants included existing investors and a new strategic partner. Veran intends to use the funds to commercialize its IG4-based clinical products. The company is led by president and CEO Jerome Edwards. Veran Medical’s core product is the IG4 Navigation imaging system, which provides moving (“4‑D”) images and enables physicians to navigate instruments within organs such as the lungs, kidneys and liver. The IG4 eliminates the need for a CT scan each time a physician moves a needle during a procedure, improving procedural efficiency and safety when targeting lesions. The IG4 received U.S. regulatory clearance for two new indications—ultrasound and fluoroscopic x‑ray—and Veran has a collaborative agreement with GE Healthcare to validate system compatibility. As of February there were 14 IG4 systems in use in the U.S. Financially, Veran has a history of small institutional raises and recent regulatory filings indicate ongoing capital needs. After a May 2008 $4.75M Series A, the company moved to St. Louis from Nashville to access institutional funding, and it has reported additional smaller raises since then.

Total raised

$78M

Funding rounds

5

Latest round

Equity

Latest activity

Dec 2016