Averto Medical, a clinical-stage company focused on revolutionizing gastrointestinal care, has announced the successful closure of its Series A financing round, raising $30.5 million. Cormorant Asset Management led the round, joined by Venrock Healthcare Capital Partners, LifeSci Venture Partners, CVF, and other investors, resulting in an oversubscription of the funding.
The capital infusion will be utilized to propel Averto Medical’s clinical testing of the ColoSeal™ Intraluminal Diversion System toward regulatory approvals. This innovative medical device has the potential to benefit over 100,000 patients annually who undergo colorectal surgeries by eliminating the need for invasive temporary diverting ostomies.
Formerly known as Savage Medical, Inc., Averto Medical is dedicated to transforming gastrointestinal care. Their flagship product, the ColoSeal™ Intraluminal Colonic Diversion System, facilitates procedures like colorectal cancer resection without necessitating the creation of an invasive temporary stoma. Supported by a consortium of prominent healthcare institutional investors, Averto Medical is committed to enhancing clinical care and outcomes for patients undergoing colorectal surgeries.
Dr. Song, a former gastroenterologist, expressed enthusiasm about the potential of ColoSeal™ to eliminate the need for ostomy procedures, which he describes as debilitating. He has joined the team to advance the device through clinical studies and eventual approval, emphasizing its value proposition for patients, healthcare providers, and payers.
Kenton Fong, MD, the Founder and CEO of Averto Medical, welcomed the participation of the distinguished group of investors, as well as new board members Ken, Dan, and Bihua. He underscored the company’s dedication to significantly improving clinical care and outcomes for individuals undergoing colorectal surgeries.
