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Veran Medical Technologies Secures $4.75M in First Institutional Funding
Date:5/12/2008

Company Poised to Impact Lung Cancer Care

ST. LOUIS, May 12 /PRNewswire/ -- Veran Medical Technologies, a medical device start-up company, has secured $4.75M in venture capital and private financing to drive adoption of its IG4 delivery system for minimally invasive biopsy and ablation of cancer. St. Louis-based Prolog Ventures led the round and was joined by Advantage Capital Partners and existing private investors. Veran also relocated its headquarters from Nashville to St. Louis in order to build relationships with the local medical community.

"We are pleased to have secured the backing of Prolog Ventures and Advantage Capital Partners who have experience in the development of medical device companies," said Jerome R. Edwards, president of Veran. "The Veran team has a wealth of experience and a successful track record of developing delivery products. We feel empowered by the significant impact that IG4 could have on patient care and society."

The greatest hurdle in cancer treatment is safe, efficient, and economical early detection. When diagnosed at Stage 1, lung cancer survival rates approach 90%. If diagnosed beyond Stage 1, lung cancer survival rates fall to below 15%. Cancer screening will only increase the already overwhelming demand for biopsies needed for complete diagnosis. Incidental screening is occurring at a high rate due to the 7 million chest CT scans performed annually in the United States as patients are examined for other co-morbidities. This is leading to detection of potential cancer much earlier in the disease cycle. Tools are needed to encourage early treatment through safe, efficient biopsies and resection or ablation.

The Veran IG4 system and instruments enable accurate, efficient targeting of very small lesions. The system aims to give clinicians the confidence to treat patients earlier in the disease cycle without subjecting patients to unnecessary complication risk. The system also aims to
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SOURCE Veran Medical Technologies
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