Madryn Asset Management closed a new $35 million credit facility for Veran Medical Technologies, a privately-held medical device company and leader in interventional pulmonology technologies.
The proceeds will provide increased financial and structural flexibility to support Veran’s continued investment into its strategic growth initiatives focused on improving the diagnosis and treatment of lung cancer.
“We are excited to partner with Madryn and its team of experienced healthcare investment professionals to support our continued advancement of interventional technologies for the lung cancer market,” said Veran Medical CEO Jason Pesterfield. “This financing provides the resources and flexibility that will allow us to continue our commercial expansion and technological innovation in order to help physicians diagnose and treat lung cancer earlier and to ultimately save lives.”
Madryn’s financing follows a strategic investment from BTG which joined Veran Medical’s existing investors, including Versant Ventures and River Cities Capital Funds.
“We believe that Veran’s technologies provide a precision navigational platform that enhances and expands physicians’ access to difficult-to-reach peripheral lung nodules,” said Peter Faroni, Madryn co-founder and partner. “There is significant unmet need in the diagnosis and treatment of lung cancer and we believe that expanding access to innovative interventional technologies such as Veran’s will result in faster diagnoses, improved patient outcomes, and lower costs to the healthcare system. We are thrilled to be joining Veran’s existing partners at this exciting time and look forward to supporting the company’s creation of value over the long term.”
Madryn Asset Management is an alternative asset management firm that invests in innovative healthcare companies specializing in unique and transformative products, technologies, and services.
