Venclose Closes $27 Million Series C Funding
03 Dec, 2019, 13:02 GMT
Funding to Expand Commercialization and Advance Development of Company's Proprietary Product Portfolio
SAN JOSE, California, Dec. 3, 2019 /PRNewswire/ -- Venclose, Inc., a privately-held Silicon Valley medical device company focused on innovative treatment procedures for venous reflux disease, today announced it has closed its Series C funding led by Ally Bridge Group (ABG). ABG is a global life science-focused group with a successful investment record globally in supporting high-growth innovative life science companies.
"Securing this financing further confirms continued investor confidence in Venclose's successful direction," said Venclose Chairman and CEO Jerry Gibson. "It follows on the heels of having met our Q3 goal that establishes high volume catheter production capability with our strategic manufacturing partner, Viant Medical. Our competitive position and revenue momentum are converging forces that will fuel our success in addressing the unmet needs of physicians and their patients in the treatment of venous reflux disease," Mr. Gibson added.
With the closing of this funding, Venclose anticipates that it will have the necessary funds to accelerate its commercial footprint in the US, expand globally, and invest in selective product portfolio additions.
"With its superior, next-generation product on the market, we are excited to add Venclose into our best-in-class medtech portfolio after leading a total of US$365 million investments in two other best-in-class Silicon Valley life science companies – GRAIL and Pulmonx," said Frank Yu, Founder and Chief Executive Officer, Ally Bridge Group. "We are pleased to fund the acceleration of Venclose's US and global commercialization effort as it also invests in expanding its category offerings," Mr. Yu added.
The VENCLOSE System is the next-generation, best-in-class endovenous RF ablation system designed to close the damaged vein and restore healthy blood flow in patients with venous reflux disease, a progressive medical condition which is often associated with varicose veins.
About Venclose, Inc.
Venclose is a privately held, commercial-stage Silicon Valley medical technology company developing next-generation solutions for the treatment of venous reflux disease, also known as chronic venous insufficiency (CVI). CVI is a progressive medical condition affecting more than 40 million adults in the United States alone. The VENCLOSE RF Ablation System offers physicians more versatility than earlier generation endovenous radiofrequency ablation technologies and is commercially available in the United States and Europe. For more information, visit www.venclose.com.
About Ally Bridge Group
Ally Bridge Group ("ABG"), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital), is a global life science-focused investment firm. ABG and its affiliates manage over US$3 billion in life science assets, both private and public, in the U.S., China, and Europe, from medtech to biopharmaceuticals. ABG focuses on investing in the world's most innovative medicines and leading high-impact transactions. In 2015, ABG initiated, led and completed the landmark US$3.3 billion NYSE take-private of Wuxi Pharmatech. Over the past 18 months, ABG led nearly US$400 million completed private investments in industry-leading life science companies, including GRAIL, Pulmonx and Venclose, all based in Silicon Valley. ABG has expertise in cementing strategic partnerships between emerging life science companies and industry leaders, and across different geographies. For more information, please visit www.ally-bridge.com.
Media contact:
Name: Jon Kitahara
Venclose, Communications Consultant
Phone: 408 471 6500
Email: Jkitahara@venclose.com
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SOURCE Venclose, Inc.