I-VASC Raises 1.8M Euros in Series A Funding

I-VASC Srl has received an infusion of funds to help commercialize its VELEX device in the United States.

The company recently announced a Series A funding round with participation from former shareholders and new investors: Italian business angels, family office, and others. I-VASC is planning to use the proceeds from this round to execute post-market clinical studies to obtain U.S. Food and Drug Administration (FDA) approval for VELEX.
 
The Series A financing round was oversubscribed by a high number of investors, including notably the Luca Trevisan, Bootes (Rosario Bifulco), and Nalini family Office, and others qualified investors. In addition to the 750,000 euros raised in the first half of 2021, the company has raised another 1.06 million euros before the end of last year, for a total amount of 1.8 million euros in 2021. The proceeds from this round will be used to pay for post-market clinical studies of the VELEX  device (which has received CE Mark approval for the European market in May 2021), to obtain FDA approval and consolidate industrialization throughout a supply chain of qualified suppliers.

“We are approaching a new and important phase of the project, which I started in 2015. Thanks to the investors, who have believed in our proprietary technology, and to our reinforced team, we are now on the verge to bring VELEX into the market and provide proof of the validity of our EVA (Empty Vein Ablation) procedure,” said Mario Salerno, founder and chief medical officer of I-VASC.

The company also appointed two new directors in its board to reinforce its management team in this phase of strategic growth: Daniele Zanotti, who has assumed the role of CEO, and Cristiano Fontana, who is responsibile for business development, marketing and communication. Salerno, inventor of the EVA technology, will retain his active executive role and the functions of board chairman and president, while Emilio Roncoroni and Attilio Castelli from the previous board, will continue on as chief administration and chief technology officers, respectively.

“I am thrilled to embrace this new professional adventure and put my experience at the service of a project which has the potential of representing a new paradigm in the largely underserved market of CVI and varicose vein. With the considerable efficacy, safety and usability improvements that VELEX can offer with respect to all alternative methods, we have the opportunity to offer a better option to millions of patients and create a huge new value in the vascular arena.” said Zanotti.
 
VELEX, I-VASC’s first CE Mark approved device, offers the solution of the Empty Vein Ablation (EVA) technology for treating CVI, which notably includes the varicose veins disease. VELEX innovation consists of a percutaneous three-ballon catheter that allows to perform a chemical ablation (Schlerotherapy) into the portion of the vein to be treated after having isolated it and emptied it from blood. This method offers the ability of fully controlling schlerosant agent contact distribution and time, resulting into optimal ablation results. Besides agent segregation, limited concentration and final retrieval may result also in superior safety, when compared to conventional schlerotherapy.