MILAN– The Series A round has seen the participation of former shareholders and a significant contribution of 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 FDA approval for the US market and complete product industrialization.
VELEX™, A novel device for the treatment of Chronic Venous Insufficiency (CVI) (Photo: Business Wire)
I-VASC Srl, Italy based medical device company, which has conceived a new technology for the treatment of CVI and varicose veins named EVA (Empty Vein Ablation) and developed the VELEX ™ device based on this technology, has announced that it has successfully finalized its Series A financing round, 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 750K Euro tranche raised in the first half of 2021, the company has raised another 1.066M Euro tranche before the end of last year, for a total amount of 1.8M Euro in 2021. The proceeds from this round will be used by I-VASC 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 move toward FDA regulatory approval for the US market, and consolidate industrialization throughout a supply chain of qualified suppliers. The company has also announced the appointments of 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 has undertaken responsibility for business development, marketing and communication. Mario Salerno, founder of I-VASC and inventor of the EVA technology, will retain his active executive role and the functions of Chairman of the Board and President, while Emilio Roncoroni and Attilio Castelli from the previous board, will continue to exert their roles of Chief Administration and Chief Technology Officers, respectively.
“Thanks to the investors, who have believed in our proprietary and innovative technology, and to our reinforced team, we are now on the verge to bring VELEX™ into the market.”
VELEX™, I-VASC’s first CE Mark approved device, offers the innovative solution of the Empty Vein Ablation (EVA) technology for treating CVI, which notably includes the varicose veins disease.
VELEX™ innovation consists of a percutaneous 3-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.
“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 Daniele Zanotti, newly appointed CEO of I-VASC.
“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 and innovative 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 CMO of I-VASC.
