- InterVene, a company that is known for its catheter-based solution for deep vein reflux (DVR), announced it raised $15 million in Series B funding
InterVene, a company that is known for its first catheter-based solution for deep vein reflux (DVR) — which is the failure of venous valves in the legs — called the BlueLeaf Endovenous Valve Formation System, announced recently that it raised $15 million in Series B funding.
The BlueLeaf Endovenous Valve Formation System was designed to correct one of the underlying causes of chronic venous insufficiency (CVI) by forming new vein valves out of a patient’s own vein wall tissue.
There are about 6.5 million Americans who suffer from DVR and moderate to severe CVI — which is a disease characterized by elevated pressures in the leg veins. DVR involves the failure of venous valves in the legs, leading to poor blood flow back to the heart and the pooling of blood in the legs. And DVR patients tend to progress to the most severe symptoms such as skin breakdown and chronic ulcers, which have negative impacts on the quality of life.
The current standard of palliative treatment — which involves compression therapy, leg elevation, and local wound care does not address the underlying problem of deep vein valve failure.
InterVene’s BlueLeaf System is the first catheter-based approach designed for addressing severe CVI due to DVR by forming new vein valves for patients without the need for an implant. The BlueLeaf System allows a physician to fashion new valves from the inner layer of the vein wall. And the resulting “autogenous” valves aim to reduce retrograde blood flow and alleviate symptoms associated with elevated venous pressures.
This round of funding was led by new investor 3×5 Partners. And prior investors RiverVest Venture Partners, Boston Scientific Corporation, Correlation Ventures, and several other investors joined this round.
“The funds will be utilized to expand our clinical research program abroad, and to initiate trials in the U.S. via an Investigational Device Exemption study,” said InterVene CEO Fletcher Wilson. “We expect to further demonstrate safety and clinical effectiveness while we optimize the BlueLeaf System and procedure in preparation for a subsequent pivotal study.”
InterVene recently expanded its management team to include COO Jeff Elkins — who has led numerous emerging endovascular technology companies, including his role as CEO of Veniti (acquired by Boston Scientific recently). And VP clinical affairs Tracy Roberts was also hired to the InterVene team — who has directed clinical activities for major vascular and biomedical companies.
“The BlueLeaf technology has the potential to offer a solution for patients with DVR, a current major gap in our treatment portfolio,” added William Marston, M.D. — the George Johnson Jr. Distinguished Professor of Vascular Surgery at the University of North Carolina School of Medicine. “The reports of the initial patients treated with the procedure are promising, and if confirmed in larger studies with longer follow-up, can provide a novel, important treatment option for this underserved patient group.”
InterVene’s BlueLeaf technique is predicated on the Maleti Neovalve open-surgical procedure, but it enables patients to avoid the trauma of open surgery and allows for multiple valves to be formed in a single procedure and mechanizes certain aspects of the technically-difficult open surgical procedure for ease of use and repeatability.
Based in San Francisco, InterVene is a product of the Stanford Biodesign Fellowship program and is a former Company-In-Residence at the Fogarty Institute for Innovation.
