Veran Medical Technologies, a US-based lung cancer diagnostics technology developer that counts care provider Rex Healthcare as an investor, raised $31m in debt and equity financing yesterday.
Venture capital firm Versant Ventures and growth equity firm River Cities Capital Funds provided the equity portion of the round, while healthcare-focused speciality finance firm Oxford Finance supplied the debt.
Veran will use the capital to commercialise its Spin Thoracic Navigation System, a diagnostics system that gives thoracic guidance for lung cancer treatments. The technology can also be used to manage other cancers, such as kidney or liver cancer.
The round increased Veran’s overall financing to just over $100m in debt and equity since it was founded in 2003, according to press releases and regulatory filings.
The company closed a $30.6m round in September 2015 that was co-led by Versant Ventures and River Cities Capital and backed by Rex Healthcare’s Rex Health Ventures unit, as well as Prolog Ventures, Advantage Capital, 3G Capital, Dynamic Investments and Vectis.
Jason Pesterfield, Veran Medical’s chief executive, said: “The funding will provide us with the working capital necessary to continue our focus on accelerating growth and innovation in the global lung cancer market.
“Our platform provides lung cancer specialists with the best solutions available to better serve patients, save lives and reduce unnecessary procedures, complications and costs.”