Clinical-stage medical device startup Averto Medical, situated in San Francisco, California, has secured $30 million in Series A investment.
Investors
- Cormorant Asset Management
- CVF
- LifeSci Venture Partners
- Venrock Healthcare Capital Partners
Averto Medical stated that Ken Song, MD would take on the role of Executive Chairman in conjunction with this funding, and that Dan Puckett and Bihua Chen will be joining the board of directors.
Use of funds
The money will be used by the firm to support the expansion of its ColoSealTM intraluminal diversion system clinical trials in the direction of regulatory approvals.
About Averto Medical
Averto Medical, originally Savage Medical, is a clinical-stage medical device business focused on revolutionizing gastrointestinal treatment, led by CEO and Founder Kenton Fong. With the ColoSealTM intraluminal colonic diversion device, the company’s initial product, surgeries like colorectal cancer resection may be performed without the need for an invasive temporary diverting stoma. Promising outcomes have been shown in preliminary clinical data, addressing this multi-billion dollar market potential.
