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Renovia Inc. announced in August the closing of $42.3 million in financing, which consists of $10 million in venture debt and $32.2 million in Series B equity. The money will go on to fund clinic trials, future commercial launches, corporate development, and product development pipeline. Series B financing included participation from firms such as OSF Ventures, Inova Strategic Investment, and more, and was led by the company Perceptive Advisors and Ascension Ventures. Renovia’s advisor role was taken on by BayCross Capital Group. Learn more: https://www.slideshare.net/MarcBeer
The company’s Co-Founder, Chief Executive Officer and Chairman, Marc Beer expressed excitement to have the support of such significant entities in the healthcare industry. In addition, he noted that the participation of existing financial investors and new financial investors, as well as 3 integrated health networks, is aligned with the company’s vision in the commercial and clinical areas.
Renovia was founded by Marc Beer, Yolanda Lorie, and Ramon Iglesias, MD in the summer of 2016, and closed a Series A financing. The company specializes in the discovery and delivery of digital therapeutic devices and diagnostic devices for women affected by pelvic floor disorders. Urinary incontinence is a common disorder and affects approximately 250 million women across the globe. The technology offered by Renovia enables treatment through visualization in real-time of pelvic movement during muscle training, while monitoring progress and usage over time. The company seeks scalable as well as cost-effective care for the pelvic floor disorders which can be delivered using the power of digital health.
Marc Beer, the company’s co-founder has over 25 years of experience when it comes to developing and commercializing in the realm of biotechnology, devices, diagnostics, and pharmaceuticals. He holds a BS degree, earned from the Miami University. In the past, he served as the Founding Chief Executive Officer of ViaCell, helping the company grow to over 300 employees, going public and getting acquired in 2007. He served under various roles for Genzyme, such as Vice President of Global Marketing, and had different sales and marketing roles while working for Abbott Laboratories.
He stated that the company can provide customers with valuable data by combining the proprietary sensor technologies with a digital health platform. The data resulted can inform customers about treatment options, and drive better understanding when it comes to pelvic floor disorders. The Series B funding, according to Beer, recognizes the value of the company’s diagnostic product and digital therapeutic pipeline.
Hundreds of millions of women around the world are experiencing several illnesses and disorders that are affecting their overall health. Scientists and researchers have been working together to address some of the health issues faced by women globally. They are trying to find out ways on how to treat illnesses and disorders exclusive to the females, and most of the time, they develop an effective treatment that makes it possible for the women to live healthier. One of the most recent developments in the field of women’s health would be the creation of Leva, which is a product designed by Renovia Inc.
Established as a startup by Marc Beer, Renovia Inc. transformed to become one of the forerunners of developing technologies that would treat a range of diseases which can help humanity. Marc Beer stated that several organizations had sent their financial assistance to his startup, and millions of dollars have been transferred to the Renovia Inc.’s account. One of the largest contributors were the Longwood Fund, which joined several other firms in providing financial assistance to Renovia Inc. Overall, Marc Beer managed to raise more than $42 million.
He revealed that the money he raised would be used exclusively for research purposes, and scientists who are working with Renovia Inc. are excited to find out what kind of discovery they will be able to unlock through extensive research. One of the disorders that they are currently focusing on would be the pelvic floor disorders, which can be treated with the use of Leva. The FDA has already certified the newest product from Renovia Inc., and according to Marc Beer, the product is designed to relieve 250 million women with the effects of the pelvic floor disorders. One of the most notorious diseases developing from the pelvic floor disorder would be the urinary incontinence. Leva is designed to ease the discomfort felt by women regarding the disease, and it would also help them treat the disease over time.
Marc Beer thanked the sponsors who kept on sending his startup a series of financial aid. The Boston-based startup is slowly becoming known across the country because of the efforts exerted by its founder. Before he founded Renovia Inc., Marc Beer had been in the industry for 20 years. While working with the pharmaceutical company, he developed a drug to cure high cholesterol. However, the FDA noted that the effects from the drug are not observed with those who have taken it, and they started to question Marc Beer’s intention in developing the drug. To avoid further inconveniences with his career, Marc Beer decided to leave the company and showed the FDA that he genuinely cares about the health of the people by introducing Renovia Inc. Learn more : https://www.crunchbase.com/person/marc-beer