Marc Beer, the ex-Aegerion CEO is a man of his words. Since he co-founded Renovia, a medtech startup in 2016, he hardly says what he cannot deliver. It is for this reason three other startups have joined hands by giving Renovia Inc. $42 million. The money, which will be issued in two batches of $32 million and later a $10 million venture debt will go towards the production of the company’s other products that have been in the pipeline.
The former ViaCell CEO has used his more than 25 years of experience to help produce diagnostic and therapeutic products that lean toward helping women who suffer from pelvic floor disorders. When Marc Beer and a few of his colleagues started Renovia Inc in 2016, he did not know that he would be playing a major role in helping solve a problem that affects millions of people. In a recent estimation by the World Health Organization (WHO), more than 250 million women worldwide suffer from urinary incontinence and other pelvic floor disorders. While these are just estimates, the fact that more cases will be lying unreported make Marc Beer sensitive each to continue with the innovation of products that will help diagnose, treat and even alleviate various PFDs.
In April 2018, a few months before the announcement about the Series B funding was made, Renovia Inc. attained its first major achievement. In that month, the Food and Drug Administration (FDA) approved Leva, Renovia’s debut device that helps to diagnose and treat urinary incontinence and related complications. Although since then, there have talks on how to improve Leva, the product has done a lot in helping alleviate the urinary incontinence condition among women.
Series B funding, which was first announced in August 2018 came through thanks to three other healthcare investment companies that share the same vision with Renovia. Longwood Fund, which was the first healthcare startup to announce its funding to Renovia during the production, launch, and successful FDA approval of Leva, is among the funders. The other companies that have given their donation to Renovia are Ascension Ventures from Missouri and Perceptive Advisors, a reputable healthcare company based in New York.
When receiving the funds, Marc Beer expressed his gratitude to the companies when he said, “We are thrilled to have the support of this group of leading healthcare investors who share our vision to better diagnose, treat, and improve the lives of millions of women affected by pelvic floor disorders.”
Before Marc Beer co-founded Renovia Inc. he was CEO of ViaCell, a company that deals with the collection, preservation and development of stem cells that originate from umbilical cords. The father of 3 is an accomplished manager, the reason why many companies that he has led emerge the top in what they do. Learn more: https://www.cnbc.com/video/2013/01/23/aegerion-ceo-on-promise-of-biopharma.html