Renovia Inc. has recently closed on $32 million of Series B funding to go ahead with new products treat pelvic floor disorders. The company, which was co-founded by Marc Beer in 2016, also received $10 million in venture capital as well.
The funds will be used to develop four new products addressing pelvic floor ailments, though details were not released by the company. Bizjournals.com said they will address diagnostic and therapeutic improvements that address ailments that may include urinary incontinence. Marc Beer said in a statement the company aims to improve its sensor technology to give healthcare providers the tools to incorporate better data in their treatment strategies. Beer went on to say that these improvements will “eventually” bring down healthcare costs.
The Series B included money from the Longwood Fund, which was an early investor in the Beer’s co-founded company. The Series B process was led by Perspective Advisors, based out of New York, and Missouri-based Ascension Ventures. Renovia Inc. developed the drug Leva, which was approved by the FDA back in April. The Series B funding will partly be used will be used to create a new generation of Leva, it was said in the bizjournals.com article.
Marc Beers joined two others, Ramon Iglesias and Yolanda Lorie, to create Renovia in August 2016 and was instrumental in securing the Series A funding used to develop Leva. The Longwood fund was one of those initial investors. Marc Beers co-founded Renovia Inc. after a long tenure in the medical field, has commercialized a number of products in the areas of biotechnology, pharmaceuticals, devices and diagnostics.
Among other companies he started was ViaCell, a biotechnology company that focuses on the collection, preservation, and development of umbilical cord stem cells. He led the company from inception to its growth to 300 employees to ts eventual sale to PerkinElmer in 2007. Prior to that, Marc Beers was a member of the board of directors of Erytech Pharma and held positions with Genzyme where he served most recently as the vice president of global marketing where he was instrumental in the launch of drugs addressing rare diseases across the globe. Learn more: https://renoviainc.com/leadership/