Marc Beer, the chief executive officer, chairman of the board of directors, and co-founder of Renovia Inc. was pleased to announce in August that his company had held a very successful Series B equity round. His company raised $42.3 million in total with $32.3 million raised in equity and another $10 million raised from venture debt.
He said that the money his company raised would be used to finance his pharmaceutical company’s clinical trials, develop the company’s products, add additional products to its pipeline, and support future commercial launches. The companies that took part in this equity round were OSF Ventures, Western Technology Investment, Inova Strategic Investments, Perceptive Advisors, Cormorant Asset Management, Ascension Ventures, and Longwood Fund. Learn more: https://renoviainc.com/
Marc Beer was pretty happy that the investors included a mix of old and new investors in his company. They could see the value of his company’s commercial and clinical vision which is all about supporting women who suffer from pelvic floor disorders. These types of disorders result from their organs pushing down on their vagina and results in a lack of bladder control and fecal incontinence.
The lack of bladder control due to pelvic floor disorder is pretty common across the globe Mark Beer says. His company, which is based in Boston, MA, has a product called Leva on the market that helps women with this disorder. They learn how to correctly perform pelvic floor muscle exercises. About 33 percent of women do these exercises incorrectly which can cause further problems if anything.
It’s estimated that over 60 percent of women age 60 and older have bladder control issues. However, their pelvic muscles can be strengthened just like any other muscle which reduces and even eliminates this problem. There are interconnected muscles in the pelvic area that, when strengthened, lead to much better bladder control.
Marc Beer is a member of the 1987 graduating class of Miami University. He entered the pharmaceutical industry in 1988 when he became the director of sales training and development at Abbott. Six years later he was a vice president at Biostar, Inc., and in May 2000 he first became a chief executive officer at ViaCell.
He has been the chairman of the board for three pharmaceutical firms which are Myolex, Good Start Genetics, and Minerva Technologies. He co-founded Renovia in August 2016. More recently, he co-founded another firm which is LumeNXT. This company creates surgical devices and is a leader in the non-tethered LED illumination field. Their product is the only device of its kind that is battery powered and offers safe and effective lighting to be used during surgical procedures.