NVISION ANNOUNCES $12 MILLION IN SERIES B FUNDING
- Proceeds Will Support Clinical Studies and Additional Regulatory Submissions -
Mountain View, Calif. — July 28, 2016 — nVision Medical Corp, a clinical-stage, privately-held medical device company, today announced a $12 million Series B financing. The proceeds will be used to support further product development, clinical studies, and regulatory submissions for nVision's patented micro-catheter technology.
nVision's product enables unprecedented access to fallopian tubes to occur in the office of the gynecologist without any incisions or general anesthesia, opening the door to an array of clinical indications previously thought impossible. Currently, the company has two areas of focus – utilizing micro-catheter technology for cell collection from the fallopian tube and for direct visualization of the fallopian tube lumen. Both of these opportunities represent areas of significant clinical need and billion-dollar market opportunities.
The Series B financing was led by new investor Arboretum Ventures (Ann Arbor, Michigan), with Tom Shehab, M.D. joining the Board of Directors. Shehab said, "We believe nVision is tackling substantial unmet needs within women's health utilizing a very novel and very promising approach. With this new funding, the company is now well positioned to reach meaningful milestones in the year ahead."
The Series B financing also included participation from all Series A investors, including Series A lead investor, Catalyst Health Ventures. Darshana Zaveri, Partner at Catalyst Ventures, will continue to sit on the board of directors of nVision. Zaveri stated, "It's been a pleasure to support the company from the concept phase to where it is today, having two devices cleared by the FDA and stellar clinical data. We're very excited about the next steps for the company."
Earlier this year, the company obtained the first FDA clearance for a device that collects cells from the fallopian tube and performed its First-in-Human case for a device that allows direct visualization of the fallopian tube. "We are pleased with the high level of commitment and enthusiasm from our new and existing investors," said Surbhi Sarna, Chief Executive Officer and President of nVision. "nVision's Series B financing validates the strength of our team's accomplishments to date. With the Series B financing, we are poised to further develop these technologies, seek additional regulatory clearances, and demonstrate clinical utility."
About Arboretum Ventures
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2002 and located in Ann Arbor, the firm manages $450 million in capital and has invested in more than 35 companies. Arboretum focuses on medical device, diagnostic, healthcare IT, and healthcare service companies that can achieve significant milestones and value creation in a capital-efficient manner. More than simply a financial resource, Arboretum is a collaborative, value-added investor actively engaging our portfolio companies in strategy, operations, recruiting, fundraising, and exit planning. Arboretum's guiding vision is to identify transformative healthcare companies that are developing improved and less costly solutions that address significant healthcare problems. For more information, please visit http://www.arboretumvc.com.
About nVision Medical
nVision Medical Corp is a clinical-stage, venture-backed medical device company dedicated to filling the void in women's health-related innovation. The company was founded in January 2012 by Surbhi Sarna, who was named on the Forbes "30 under 30" list for 2014. The company had previously raised Series A financing in April 2013. nVision Medical is currently headquartered at the Fogarty Institute for Innovation on the El Camino Hospital campus in Mountain View, Calif.