Renovia, a company aiming to turn the smartphone into a tool for treating incontinence, has closed $42.3 million in financing as it proceeds with clinical trials.
Boston-based Renovia said Tuesday that the new capital consists of $32.2 million in equity funding and $10 million in venture debt. The equity financing, a Series B round of investment, was led by Perceptive Advisors and Ascension Ventures.
Renovia focuses on treatments for pelvic floor disorders in women. The company markets the leva Pelvic Digital Health System, a smartphone app developed to treat urinary incontinence, along with a pelvic floor exercise device called the EmbaGYN. The app helps women perform and visualize Kegel exercises to strengthen the pelvic floor muscles. The system also allows women to review and track their progress over time.
The leva hardware and software was originally developed by Baton Rouge, LA-based Remendium Labs, which received FDA clearance in 2014 to market the device as a treatment for women who have mild urinary incontinence. Renovia, which was founded in 2016, says it acquired rights to sell leva worldwide. It’s available only by prescription.
Renovia says it will use the new capital for additional clinical testing, product development, and future commercial launches. The company is currently planning a study to compare its system to Kegel exercises alone as a treatment for stress urinary incontinence, the loss of urine when a movement—coughing, sneezing, or physical activity—places stress on the bladder. The study is expected to enroll 225 patients and begin in October.
Renovia initially signaled its financing plans last month. According to a July 24 document filed with the SEC, the company raised $25.3 million out of a targeted $32.8 million in equity financing. Prior to that, the company had raised $8 million in early 2017, filings show. Other disclosed investors in Renovia’s latest round of financing include Longwood Fund, Inova Strategic Investments, Cormorant Asset Management, OSF Ventures, and Western Technology Investment.