Renovia has been able to raise more than $42 million, which will be used in helping the company to achieve its intended goals of solving pelvic floor disorders. For some few months, the company has been looking for financial support from well-wishers and healthcare investors who shared its vision of solving pelvic floor disorders to the more than 250 million women around the world. The company, through its Chief Executive Officer, Marc Beer, had decided to venture in this area as there were no other organizations offering the necessary technology to reverse the trends in the diagnosis and treatment of pelvic floor disorders.
The fundraising strategy was done through various phases with each phase bringing substantial amounts of money that will have a significant impact on the future of the company. The first phase, which was undertaken in July was able to raise more than $ 25 million, which were in form of equity financing. The recent funding phases brought about $42 million which was a combination of $32 million from health investors and $10 million in venture capital. The company had attracted significantly interested through its fundraising process with some of the organizations with high reputation supporting the process.
One of the companies that were highly involved in the financing process is Ascension Ventures and Perceptive Advisors. These organizations offer technical support to the fundraising process by ensuring that there is enough awareness in the industry for maximum contributions. The companies go further to offer their donations to the event. BayCross Capital Group also played a key role in providing consultancy services and ensuring that Renovia received the best offer, especially when agreeing for venture debt, which the company is expected to pay later after starting its operations.
The Longwood Fund, which is a consolidated hedge fund that invests in healthcare industry contributed a significant amount of money, especially through equity financing, where it will own a significant share of the company. Marc Beer proved to be a reliable expert by pulling other reliable companies such as Inova Strategic Investments, Western Technology Investment, OSF Ventures, and Cormorant Asset Management among others so that they could provide sufficient funds for the growth of the new venture. The funds raised, either through equity financing or through debts will assist the company in performing more clinical trials for future commercial launches of the products.
About Marc Beer
Marc Beer is a seasoned Chief Executive Officer of Renovia Inc., a technology-based company that is offering solutions to pelvic floor disorders. The experienced executive has been in the pharmaceutical industry for more than 25 years, which means that he understands the nitty-gritty of this industry. Marc has unmatched knowledge in the development and marketing of biotechnological devices that are used for both diagnostic tests and treatment. Learn more: https://www1.salary.com/Marc-Beer-Salary-Bonus-Stock-Options-for-AEGERION-PHARMACEUTICALS-INC.html