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Veran Medical Closes $35MM Credit Facility with Madryn

December 20, 2018, 09:00 AM
Filed Under: Medical

Veran Medical Technologies, Inc., a privately held medical device company and leader in interventional pulmonology technologies, announced that it has secured a new credit facility from Madryn Asset Management. The financing provides Veran with up to $35 million in aggregate proceeds, which provides increased financial and structural flexibility to support Veran’s continued investment into its strategic growth initiatives focused on improving the diagnosis and treatment of lung cancer.

“We are excited to partner with Madryn and its team of experienced healthcare investment professionals to support our continued advancement of interventional technologies for the lung cancer market,” said Veran Medical CEO Jason Pesterfield. “This financing provides the resources and flexibility that will allow us to continue our commercial expansion and technological innovation in order to help physicians diagnose and treat lung cancer earlier and to ultimately save lives.”

Madryn’s financing follows a strategic investment from BTG which joined Veran Medical’s existing investors including Versant Ventures and River Cities Capital Funds.

“We believe that Veran’s technologies provide a precision navigational platform that enhances and expands physicians’ access to difficult-to-reach peripheral lung nodules,” said Peter Faroni, Co-Founder and Partner of Madryn. “There is significant unmet need in the diagnosis and treatment of lung cancer and we believe that expanding access to innovative interventional technologies such as Veran’s will result in faster diagnoses, improved patient outcomes, and lower costs to the healthcare system. We are thrilled to be joining Veran’s existing partners at this exciting time and look forward to supporting the company’s creation of value over the long term.”

Veran’s next-generation SPiN Thoracic Navigation System™ offers an industry-leading, precision, thoracic guidance platform that allows pulmonologists and other lung specialists to seamlessly transition between a navigated, endobronchial approach and a navigated, transthoracic approach utilizing SPiN Perc™, to help physicians diagnose lung cancer earlier.

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