Pelvic floor disorders are purported to affect hundreds of women around the world, with urinary incontinence estimated to affect at least 250 million women worldwide. Because of that, countless women have to undergo extensive diagnostic and treatment options regularly; however, many of these can often be invasive and not as effective as people would like. One of the people trying to change that, though, has been Marc Beer, who’s spent the majority of his career trying to improve women’s healthcare. With that in mind, he founded Renovia Inc several years ago to focus on improve pelvic floor disorder treatments.
This led to the release of the companies Leva device, which was approved by the FDA for use in April last year. Since then, the device has become somewhat successful and helped Renovia begin making a name for itself. Now, Mr. Beer has led Renovia Inc. through a funding round that netted the company $32 million in investments, as well as another $10 million in venture debt. Marc Beer made the announcement not too long ago and noted what the new funding would be used for going forward. Chief among the projects that Renovia will be working on is a new generation of the Leva device; it’s proven itself to be a hit, and this success has spurned the company to make it more effective.
Marc Beer also noted that the company would also be continuing development on three other projects; however, as these are still early in development, very little information could be shared about them. It is known that they will be both diagnostic and therapeutic tools focused on a variety of pelvic floor disorders. Having said that, it’s likely that some information about the projects was shared with potential investors to persuade them to invest in the company. It seemed to have worked, as Perceptive Advisors and Ascension Ventures led the investment round; it should be noted, however, that it’s unknown how much they invested individually.
The Longwood Fund, a medical technology investment firm that has invested in Renovia Inc before, also took part in the Series B round. Marc Beer noted that he was excited to have each of the investors on board, as they each shared his vision for better women’s health services. Mr. Beer also noted that the company was aiming to increase the overall knowledge base in the medical profession surrounding pelvic floor disorders. By doing so, Marc Beer and Renovia Inc have said that this should provide better diagnostic and treatment options available to patients. Furthermore, it’s believed that this would end up reducing overall medical bills for patients. As such, these advancements will have benefits for both medical professionals and their patients. Learn more: https://www.bizjournals.com/boston/news/2018/08/21/ex-aegerion-chief-beer-raises-42m-for-womens.html