Veran Medical Technologies secures $12M financing

The lung cancer detection device company secured financing from a syndicate of private institutional investors and a healthcare-focused venture capital firm.

Veran Medical Technologies, the St. Louis, Missouri-based medical device company, has received $12 million in financing to support the company’s expansion across the country and the international launch of the Veran Thoraic Navigation System, the company announced on Monday (20 October). The financing came from a syndicate of private institutional investors led by Prolog Ventures, a venture capital firm also based in St. Louis that focuses on healthcare. 

Veran Medical Technologies uses thoracic navigation for early detection of lung cancer. The company has developed and commercialized its unique Thoracic Navigation System, which includes a hybrid lung cancer diagnostic procedure called SPiNPerc, which provides physicians with more tools to diagnose early stage cancer. 

“We are very excited to partner with strong financial investors who recognize the potential of our Thoracic Navigation System to impact lung cancer survival rates,” Jason Pesterfield, president and chief executive of Veran, said in a statement.