Marc Beer, the Chief Executive Officer and co-founder of Renovia has raised a total of $42.3 million to be used in the development of new medical devices to diagnose and treat pelvic disorders in women. The funding comes just a few months since the Food and Drug Administration approved Renovia’s first medical device, Leva.
Leva is an application that aids patients suffering from pelvic floor muscle disorders to conduct pelvic muscles strengthening exercises with precision. The device has a Bluetooth connection that enables real-time visualizations and training sessions during Kegel exercises. With the development of Leva, Renovia has made it possible to treat urinary incontinence without medication or risky surgical procedures.
Since its inception in 2016, Marc Beer and partners has ensured Renovia is well positioned to develop better diagnostics and treatment procedures to improve the quality of life for thousands of women suffering from pelvic floor disorders. The company has demonstrated unmatched ability to design, develop, and commercialize cost-effective and transformational treatment options for patients, health care providers, and other caregivers.
Shortly after the company was founded, Marc Beer secured the first round of funding. The series A funding set the pace for the development of Renovia’s first medical product, leading to the birth of Leva. The company has recorded impressive results with Leva, thus gaining the confidence and trust of possible future investors.
On August 21, Marc Beer secured a lump sum of $42.3 in a series B funding round. The funding comprised of a total of $10 million in venture debt and a further $32.3 million in Series B equity. Among the notable investors in the series B round included The Longwood Fund. Longwood is an early investor in Renovia and focuses on health care related ventures. The New York-based Perceptive Advisors and the Ascension Ventures of Missouri were the leading investors in the series. A combination of Renovia’s previous investors and other new entrants participated in the series B round.
According to Marc Beer, the funds will be utilized to develop a new iteration of Leva. The funds will also be channeled towards the development of other four diagnostic and therapeutic products in the company’s products pipeline. Marc also hinted that part of the money would be used for clinical trials, corporate development, and commercial launches of four additional products in the pipeline.
Marc Beer is a widely experienced and knowledgeable professional in the field of biotechnology, Pharmaceuticals, devices, and biotechnology. For 25 years, he has been actively involved in the development and commercialization of medical devices and pharmaceutical products. Before founding Renovia, Marc Beer was the Founder and CEO of Viacell, a MedTech company which dealt in development of blood stem cells from umbilical cords. Under his leadership, Viacell grew from a small start-up to robust corporate organization. The company listed publicly in 2005, shortly before its acquisition by Perkin Elmer. Learn more: https://www.cnbc.com/video/2013/01/23/aegerion-ceo-on-promise-of-biopharma.html