Renovia has raised $42.3m financing to speed up clinical research, development and new digital therapeutic device launches targeted at pelvic floor disorders.
Image: Renovia secures $42.3m in series B funding. Photo: Courtesy of yodiyim/FreeDigitalPhotos.net
Renovia was established to develop and commercialize products for better first-line diagnosis and treatment to enhance the condition-specific quality of life for women with pelvic floor disorders.
The financing includes $32.3m in Series B equity and $10m in venture debt.
Perceptive Advisors and Ascension Ventures led the Series B financing round, which also saw participation from Longwood Fund, Inova Strategic Investments, Cormorant Asset Management, OSF Ventures and Western Technology Investment.
Renovia co-founder, chairman and CEO Marc Beer said: “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.
“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 noted that the funding recognizes the value in Renovia’s digital therapeutic and diagnostic product range that the company plans to bring to treat pelvic floor disorders, including urinary incontinence.
Urinary incontinence is considered to be a common yet burdensome global condition that affects an estimated 250 million women worldwide.
Renovia says that it is committed to develop a product pipeline with therapeutic and diagnostic potential that could have profound impact on the lives of women.
The company’s existing FDA-cleared device has a targeted mechanism of action that can isolate and direct optimal movement of the levator plate.
The device and the full product pipeline use patient-based apps and data management technology to provide cost effective treatment of weakened pelvic floor muscles in real-time, while collecting actionable compliance and progress data on women’s pelvic health.
Earlier this year, Renovia appointed Jim O’Connor as its general counsel reporting to Marc Beer.
Prior to joining Renovia, O’Connor worked for 12 years in roles of increasing responsibility within global divisions of United Technologies.