Renovia, Inc., is a Boston-based company that provides a treatment for women who have a pelvic floor disorder. They have a device on the market that pairs with a mobile app that helps women strengthen their pelvic muscles and learn about their treatment options. This product has been cleared by the Food and Drug Administration and is being used by women around the world.
Marc Beer is a co-founder of this company, its chairman, and its chief executive officer. He recently announced the results of Renovia’s Series B financing round. He said that they raised nearly $42.3 million. $32. 3 million of this was in the form of equity with the remaining $10 million being venture debt. The proceeds will be used to do additional clinical trials, do commercial launches, develop products, and corporate development.
The two leaders of this financing round were Perceptive Advisors and Ascension Ventures. Other participating venture capital firms were OSF Ventures, Cormorant Asset Management, Longwood Fund, Western Technology Investment, and Inova Strategic Investments. It was Baycross Capital Group that acted in an advisory capacity to Renovia.
Marc Beer issued a statement thanking the firms that took part in this financing round and showing appreciation that they shared his company’s vision when it comes to treating pelvic floor disorders. His company is trying to improve the lives of millions of women around the world and these firms are an integral part of that mission, he said.
He added that Renovia’s existing product uses proprietary sensors combined with a digital health platform that women can use to gain valuable data about their condition. They can use this technology to better understand pelvic floor disorders and discover new treatment options.
One of the consequences of pelvic floor disorder is urinary incontinence. It has been estimated that about 250 million women worldwide have urinary incontinence due to this disorder. Renovia, which was established in 2016, is committed to developing products and services to help them and have a positive impact on their lives. Their product provides a cost-effective solution and Renovia aims to bring the cost down further over time.
Marc Beer has been a leader in the healthcare industry for more than 25 years. He is a graduate of Miami University, Ohio, and entered the healthcare industry soon after graduating. One of the earliest companies he worked at was Minerva Neurosciences, Inc., which he founded and served as the chairman of the board. He also worked at Abbot Laboratories where he did sales and marketing. One of his most successful company’s was ViaCell for which he was the CEO. Marc Beer also worked for Global Marketing as its vice president which creates therapies for rare diseases. Learn more: https://www1.salary.com/Marc-Beer-Salary-Bonus-Stock-Options-for-AEGERION-PHARMACEUTICALS-INC.html