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Vensana Capital Launches Medtech Startup Evident Vascular
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By Brian Gormley, WSJ Pro
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Good day. Vensana Capital has launched Evident Vascular, a startup with technology designed to improve imaging of diseased blood vessels in areas of the body other than the heart, a growing concern as the population ages.
Vensana, launched in 2019, is a medical-technology venture-capital and growth-equity investor.
The firm is set to profit from later-stage investments it made in Relievant Medsystems, a developer of a treatment for a type of chronic low-back pain that medtech company Boston Scientific agreed to acquire in September for $850 million in cash, plus success-based payments.
Vensana also backs earlier-stage companies, including San Jose-based Evident Vascular, a startup it incubated and backed with $35 million in Series A financing.
Physicians have long used intravascular ultrasound, or IVUS, to image the insides of blood vessels, said Evident co-founder and Chief Executive Howard Rosen. This helps them assess diseased vessels, determine the appropriate remedy and ensure that devices such as stents are placed properly, he said.
IVUS was originally developed primarily for heart procedures. But as people live longer, chronic diseases of aging are increasingly being diagnosed and treated, said Dr. Justin Klein, a Vensana co-founder and managing partner. That includes diseases of peripheral blood vessels, those outside the heart, he said.
For example, peripheral-arterial disease, which reduces blood flow to the legs or arms, affects nearly 200 million people worldwide, according to the National Institutes of Health.
While intravascular ultrasound is now used for assessing peripheral blood vessels, it hasn’t previously been optimized for this application, according to Rosen.
Evident is developing a family of catheters designed to deliver IVUS imaging technology into peripheral blood vessels. Its system also uses artificial intelligence to enable better images of the insides of peripheral blood vessels, Rosen said.
“With modern-day technology, there’s so much more room for innovation to help with image interpretation,” he added.
And now on to the news...
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George Petrocheilos is co-founder and a managing partner of Catalio Capital Management. PHOTO: CATALIO CAPITAL MANAGEMENT
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Private equity, venture investors team up. KKR has acquired a minority stake in Catalio Capital Management, a firm that manages venture-capital and other medical-investment funds, adding to a trend of private-equity firms moving upstream in life sciences through deals with earlier-stage investors.
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Private-equity firms are increasingly recognizing opportunities emerging in life sciences fields such as biotechnology. By backing firms experienced in earlier-stage investments, they aim to capture a greater proportion of the market opportunity.
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Venture investors, for their part, seek access to deeper-pocketed investors who can help portfolio companies scale.
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Startups that Catalio funds initially could later get KKR’s backing. KKR is considering other life sciences investments along these lines. “There’s a realization that the life sciences opportunity is real, it’s tangible,” said Ali Satvat, a partner and head of healthcare strategic growth for KKR.
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Pfizer Prices Covid Drug Paxlovid at $1,400 for a Five-Day Course
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Pfizer will price a course of its Covid-19 drug Paxlovid at nearly $1,400 when commercial sales begin later this year, more than double what the U.S. government has paid, The Wall Street Journal reports. Pfizer told the pharmacies and clinics that will dispense Paxlovid, in a letter dated Wednesday that was viewed by The Wall Street Journal, that a five-day course of the antiviral will list for $1,390. The U.S. government had paid $529. Health plans will probably pay much less than the list price for the pills, and most patients will have a small or no out-of-pocket cost because Pfizer is expected to offer price discounts and help patients with their out-of-pocket charges.
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Health Inflation’s Big Hike This Year, in Charts
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Inflation came for your healthcare this year. Next year is looking to be just as bad, WSJ reports. The cost of employer health insurance rose this year at the fastest clip since 2011, according to an annual survey from KFF, a healthcare research nonprofit. The 7% jump in the cost of a family plan brought the average tab to nearly $24,000—more than the price for some small cars. Workers’ average payment of $6,575 for those plans was nearly $500 more than last year.
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Digital Startup Convoy Is Winding Down Its Freight Business
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Digital freight startup Convoy, a business founded by former Amazon.com executives that has drawn a star-studded lineup of tech investors, has suspended operations and is winding down its core business as it seeks alternatives that may include selling its technology, according to people familiar with the matter, The Wall Street Journal reports. Convoy, which raised $260 million in a funding round last year that valued the business at $3.8 billion, on Wednesday told employees in an email that it would stop accepting shipments until further notice and that it was rescheduling or canceling existing loads.
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Springcoast Gets More Than $500 Million So Far for Small Tech Deals
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Technology-focused Springcoast Capital Partners has amassed more than $500 million so far for its debut commingled fund and a related investment vehicle, according to people familiar with the offering, WSJ Pro Private Equity reports.
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North America-focused Springcoast targets minority stakes in companies with more than $30 million in annual recurring revenue, typically as lead investor with equity checks ranging from $25 million to $75 million.
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Springcoast’s current portfolio includes more than 20 companies, according to its website. Among them is cybersecurity company Deepwatch, which the firm backed alongside internet software provider Splunk’s corporate venture-capital arm and the credit strategy of Vista Equity Partners.
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Funds
KKR held the final close of its KKR Next Generation Technology Growth Fund III at nearly $3 billion to continue investing across North America, Europe and Israel. The firm raised $2.2 billion and $711 million for its preceding tech growth funds.
People
Genascence, which is focused on the treatment of prevalent musculoskeletal diseases with gene therapy, appointed Ian Lachlan (Lachy) McLean as chief medical officer. He previously held the same title at Novome.
Exits
Eli Lilly agreed to acquire Mablink Bioscience, a France-based startup developing antibody-drug conjugates, for an undisclosed amount. The deal must be approved by the French Ministry of the Economy before closing.
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VedaBio, a San Diego-based molecular biology platform, launched with $40 million in funding led by OMX Ventures.
Actym Therapeutics, a Berkeley, Calif.-based cancer immunotherapy startup, added $25.5 million in Series A funding, bringing the round total to $59.5 million. Boehringer Ingelheim Venture Fund and Illumina Ventures co-led the latest tranche.
Waymark, a San Francisco-based startup seeking to improve healthcare access and outcomes for people enrolled in Medicaid programs, raised $22 million in equity along with a $20 million line of credit. Lux Capital led the investment, which included participation from CVS Health Ventures and others.
AOA Dx, a developer of a blood test for earlier detection of ovarian cancer, picked up a $17 million investment led by Good Growth Capital.
Cionic, a San Francisco-based maker of bionic clothing for mobility impairment, added $12 million in Series A funding led by L Catterton, bringing the round total to $25 million. Whitney Casey, venture partner at L Catterton, joined the company’s board.
Allara, a New York-based virtual care platform for women dealing with chronic hormonal conditions, secured $10 million in Series A financing. GV led the round, with General Partner Frédérique Dame joining the company’s board.
Leucine, a New York-based startup focused on digitizing pharmaceutical manufacturing, landed $7 million in Series A funding from investors including Pravega Ventures.
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Many veterinarians have been changing booster schedules so they are less frequent, in the wake of studies that show immunity from vaccines often lasts beyond a year. PHOTO: LEONARD ORTIZ/ZUMA PRESS
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Veterinarians confront a human problem: anti-vaxxers
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New playground, new court, new classroom? Thank Ozempic.
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The big mistakes people make in Medicare—and how to avoid them
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Pfizer looks for a Covid bottom
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