VeinWay has closed an oversubscribed SAFE round of investment and has opened a series A round, the company announced.
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The funds will be used to complete all design verification testing and to prepare for VeinWay's First-in-Human clinical trial of its Traversa system towards an FDA IDE trial planned for the first half of 2024. VeinWay's Traversa system is in development to empower physicians to overcome the highly challenging task and unmet need of crossing clogged veins to easily restore blood flow from the vein to the heart.
"We are excited about VeinWay's leadership, technology and business value proposition," said Mr. Jordan Feiger, an investor in the SAFE round.
VeinWay also announced that Stephen Black, MD and Houman Jalaie, MD, PhD have joined the company's scientific advisory board. Black is a consultant vascular surgeon at Guy's and St Thomas' Hospital and a Professor of Venous Surgery at Kings College, London.
Black said, "We have seen significant growth in the venous space in the last 5-10 years. All the development has, however, focused on stents or thrombectomy devices. As the market matures, we need to see development in venous specific devices that make treatment easier and more effective. VeinWay is the start of that journey."
