As the world embraces modern technology, one of the fields that have recorded radical changes is the biotech industry. It is a complex industry where creating a successful startup company demands a lot. The financing process, research, and development, as well as complex approval of new drugs and therapies by the food and drugs agency (FDA), are some of the tasks that make it very hard for startups to thrive. However, despite these challenges, one of the startups in the biotech industry which have successfully conquered the market is Renovia, Inc. This is a medical startup based in Boston and which was started by Marc Beer, who also serves as the CEO. According to a recent report by Bizjournals.com, Marc Beer successfully managed to raise $42.3 million that will go to research and development of a treatment for women’s pelvic disorders.
Since its formation, Renovia has specialized in developing solutions for problems that face millions of women around the world. From research, it is estimated that over 250 million women worldwide suffer from different pelvic disorders. Renovia is therefore dedicated to coming up with drugs and therapies that will strengthen the pelvic area of women. Renovia created its first product known as Leva and was approved by the FDA in 2018. Leva is an app that encourages women to engage in strength-training as a solution for pelvic floor disorders treatment. To facilitate lessons and real-time visualization, Leva comes with a Bluetooth device.
The funds acquired by Marc Beer will help in developing Leva and other wearable devices as well as the development of advanced diagnostic equipment and clinical trials. Some of the common problems experienced by women suffering from pelvic disorders include pain and irregular bladder emptying which result in urinary incontinence as well as frequent urination. For women who suffer from pelvic and disorders, they can hardly engage in sexual intercourse since they experience excruciating pain. Marc Beer believes that with the funds that Renovia has, it will be in a position to come up with advanced treatments and therapies that help millions of women suffering from pelvic floor disorders get a solution to the problems. He is also hoping that Renovia will come up with solutions that will lower the cost of treatment.
The $42.3 million secured by Renovia have been secured through $10 million venture debt and another that $2.3 million acquired from series B equity. The funds have been approved for use in developing diagnostic and training equipment, conducting treatment trials and developing products on approval by the FDA. Perceptive Advisers and Ascension Ventures supported the fundraiser. Learn more: https://www.cnbc.com/video/2013/01/23/aegerion-ceo-on-promise-of-biopharma.html
Marc Beer has the necessary qualifications to drive the biotechnology agenda through Renovia. He has been in the pharmaceuticals development industry for the past 25 years. He has worked on various biotech projects that have successfully achieved the intended results.