Sapheon, a developer of technologies for the treatment of vascular diseases, has completed the first closing in its $18.5m Series B Preferred equity offering.

The company said the proceeds from the Series B offering will be used to complete a randomized clinical trial and meet additional FDA requirements through the pre-market approval submission process.

Millennium Life Sciences Fund co-founder and general partner and multiple Sapheon offerings investor Puneet Khanna said the early clinical data validates the company’s belief that its VenaSeal system will be used to treat the large number of new patients who suffer from acute venous insufficiency each year.

"Millennium prides itself on identifying compelling investment opportunities in early stage companies whose disruptive technologies will change the way patients are treated by delivering less invasive, more effective therapies that provide for shorter recuperation times," Khanna added.

In addition to first closing in Series B offering, the company announced the appointment of Aaron Berez as the company’s new board of directors, who previously served as co-founder and CEO of Chestnut Medical Technologies, where he led the development of the Pipeline Embolization device.