2023 Rosenman Innovator, Averto Medical, has raised an oversubscribed $30.5 million Series A financing. This financing will support advancing Averto Medical’s clinical testing of the ColoSeal™ Intraluminal Diversion System towards regulatory approvals.
From the press release:
SAN FRANCISCO, May 7, 2024 /PRNewswire/ — Averto Medical Inc (“Averto”, “The Company”), a clinical-stage medical device company pioneering minimally invasive gastrointestinal care, today announced the closing of an oversubscribed $30.5 million Series A financing. Cormorant Asset Management led the financing with participation from Venrock Healthcare Capital Partners, LifeSci Venture Partners, CVF, and other investors.
The financing will support advancing Averto Medical’s clinical testing of the ColoSeal™ Intraluminal Diversion System towards regulatory approvals. ColoSeal™ has the potential to help over 100,000 patients annually who undergo colorectal surgeries by avoiding the need to create an invasive temporary diverting ostomy. Early clinical data has already shown promising results to address this multi-billion dollar market opportunity.