The biotechnology industry has evolved exponentially over the past few years. As a result, companies in the biotech industry can only be led by people who have the necessary prowess when it comes to research and development as well as financing. People such as Marc Beer possess all these skills. His knowledge of the FDA approval process is also an added advantage. As the CEO and co-founder of the biotech company, Renovia Inc., Marc Beer came up with a fundraiser. The target was $42 million, and it was meant to boost the growth of the biotechnology start-up company that was based in Boston.
Since Renovia has mainly focused on the pelvic disorders in women, the $42.3 million will help them to proceed with their research. They will, in turn, come up with a suitable solution to the urinary continence in women. Statistics showcase that pelvic disorders have affected more than 250 million women globally. However, these women are lucky since Renovia’s efforts have borne fruits. The company first produced Leva, a form of technology that would help such women to recover from the pelvic floor disorders. In April 2018, the FDA also approved Leva.
A Bluetooth device is attached to Leva, and it helps to come up with visualizations in real time. It also offers coaching sessions. Through the help of this app, women can now recover from the pelvic floor disorders gradually. Marc Beer set up a fundraiser so that Renovia can come up with a more advanced form of the Leva technology. They will also come up with more advanced forms of diagnostic equipment. Women with pelvic floor disorders also undergo high forms of pressure and pain. They also urinate frequently. Some other challenges are such as the pain that they experience when engaging in sexual intercourse. According to Marc Beer, the company will combine its sensor technologies with its innovative capabilities to come up with a digital health platform. As a result, their clients will access data that will allow them to know more about the available treatment options. They will also gain more insight into pelvic floor disorders. Healthcare costs will also become more affordable.
The $42.3 million that was raised was in the form of series B equity and venture debt. Marc Beer addressed the people who attended the event and enlightened them about how the money will be used to come up with training devices and diagnostic tools. The money will also be used to finance the trials at Renovia Inc. OSF Ventures and the Western Technology Investment also graced the fundraiser with their presence. The Perceptive Advisors and Ascension Ventures also managed the fundraiser accordingly thus making sure that it went on successfully. The Longwood Fund also took part in the Series B funding since they believe in the vision that Renovia Inc. has in regard to the biotechnology industry. Learn more: https://www.bizjournals.com/boston/potmsearch/detail/submission/6457372/Marc_Beer