Major participants in the funding round included New Enterprise Associates and Quaker Partners. The financing was carried out in two tranches.

New Enterprise Associates managing director, joint director, partner and Vesper Medical Board of Directors member Justin Klein said: “We are enthusiastic to partner with the Vesper team in their mission to provide a best-in-class solution to treat deep venous disease.

“Venous intervention has been long underserved as a place for innovation, but is now at a growth inflection point as the next major category in the peripheral vascular market.”

Proceeds from the funding will be used by Vesper Medical for the development of its Duo Venous Stent System inclusive of the in vivo testing necessary to obtain the approvals required for clinical testing of the Vesper Duo stents.

Vesper Medical president and CEO Bruce Shook stated that there are more than 25 million adults in the US suffering from debilitating consequences of deep venous disease, and traditional treatments fall short for many of them.

Shook said: “We see an enormous opportunity to deliver a lasting solution for these patients that is tailor made to the unique requirements of the deep veins.”

Vesper stated that deep venous disease occurs when the deep veins in the pelvis or upper leg become occluded by clots or narrowed by compression, can lead to blockages or increased resistance of blood flow out of the leg and abnormally increased pressures in the affected veins.

This abnormality can cause symptoms such as severe leg swelling, pain, skin discolouration and also ulcers.

Deep venous disease can impact millions of people around the world. The primary treatment includes elastic compression stockings and blood thinners (oral anticoagulants), which temporize the problem but do not address the root cause – the blockage or narrowing of the vein(s).

Vesper Medical is trying to cure root cause by creating a purpose-built venous stent portfolio that addresses the multiple anatomical challenges presented by the iliac and femoral veins. The company is a spinout of Intact Vascular, which develops treatment for peripheral arterial disease.