Medical Devices DECODED
Previous edition: 08 May 2024
Share article
Get the full version straight to your inbox.
Exclusive access to our best-in-class data & intelligence
Subscribe now
Averto Medical secures $30.5m to advance ColoSeal system
The proceeds will help in advancing the clinical testing of the ColoSeal system towards regulatory approvals.
Averto Medical has closed an oversubscribed $30.5m Series A financing round, which will help advance its ColoSeal medical device that avoids the need for ostomy.
The funding round was led by Cormorant Asset Management and supported by Venrock Healthcare Capital Partners, CVF, LifeSci Venture Partners and other investors.
Averto will use the proceeds to advance the clinical testing of its ColoSeal Intraluminal Diversion System to obtain regulatory approvals.
The system is designed to allow procedures such as colorectal cancer resection while eliminating the need to create an invasive temporary diverting stoma.
It could potentially benefit more than 100,000 patients each year who undergo colorectal surgeries.
In line with the financing, Averto Medical has announced executive appointments.
Averto Medical named Dr Ken Song, a physician-scientist and entrepreneur, as executive chairman.
Dr Song said: “Averto Medical is developing a medical device to avoid the need for ostomy, which is a debilitating procedure.
“As a former gastroenterologist who has taken care of patients with ostomies, the value proposition of ColoSeal for patients, providers, and payers is crystal clear.”
Dan Puckett, who played a pivotal role in Shockwave Medical's growth and IPO, will join the board of directors alongside Bihua Chen, a portfolio manager for healthcare-focused investment fund Cormorant Asset Management.
Averto Medical founder and CEO Kenton Fong said: "I am thrilled to welcome this esteemed group of investors, as well as Ken, Dan and Bihua to our board. We are committed to substantially improving the clinical care and outcome for patients undergoing colorectal surgeries.”
Formerly known as Savage Medical, the company is supported by a syndicate of healthcare institutional investors.
Latest news
Samsung to acquire foetal ultrasound AI software company Sonio
Sonio has developed IT solutions and AI assistant features for obstetrics and gynaecology ultrasound.
MHRA report finds wellbeing apps welcomed but users wary of AI chatbots
A joint report between the UK’s MHRA and NICE ahead of possible future regulation in the space has found users are comfortable with the apps but only in a limited capacity.
FDA approves CereVasc's eShunt system study for hydrocephalus
The eShunt System includes an endovascularly implantable cerebral spinal fluid shunt and associated delivery components.
FDA issues 510(k) clearance for US Medical Innovations' ablation system
The plasma jet targets the soft tissue surgical margin following the removal of a solid tumour.
Psilocybin effective in treating depression
A new study has further supported psilocybin's potential to treat depression, which impacts around 300 million people globally.
AngioDynamics touts positive data from AlphaVac trial
The venous thromboembolism market, which includes PE, will generate $11.8bn in global sales by 2032, according to GlobalData analysis.
Opmed.ai raises $15m to advance AI-optimisation system
The AI in medical market is expected to grow from $336m in 2022 to $1.2bn by 2027, according to GlobalData.
In our previous edition
Medical Devices Decoded
Medtronic's renal denervation system receives approval in China
07 May 2024
Medical Devices Decoded
Angle signs AstraZeneca deal to develop prostate cancer assay
06 May 2024
Medical Devices Decoded
Karius secures $100m in Series C funding round
03 May 2024
Newsletters in other sectors
Aerospace, Defence & Security
Automotive
Banking & Payments
Foodservice
Medical Devices
Travel and Tourism
Search companies, themes, reports, as well as actionable data & insights spanning 22 global industries
Access more premium companies when you subscribe to Explorer