Metavention said today that it closed a $65 million Series C round with funding from New Enterprise Associates, Sanderling Ventures and others.
The medical device maker plans to use the funds to optimize its transcatheter-based metabolic neuromodulation therapy for people with Type II diabetes and prepare it for a Phase II trial in the U.S.
Abnormally high blood glucose levels in people with diabetes have been associated with an overactive sympathetic nervous system, according to Metavention. The Minneapolis-based company noted that modulating SNS activity can reduce glucose levels.
In connection with the funding round, Metavention announced that it has named Todd Berg as its chief executive officer. Berg was formerly CEO of Torax Medical, which was bought by Johnson & Johnson‘s (NYSE:JNJ) Ethicon division last year.
“The Metavention mission to provide improved control of elevated glucose, in a single minimally invasive procedure, is very exciting. The approach represents a new frontier in medicine in which Metavention is uniquely positioned to provide the enabling technology and supporting science. I am honored to be joining the accomplished Metavention team at this pivotal stage,” Berg said in prepared remarks.
“This financing by a leading investor syndicate and our recruitment of a highly experienced, successful CEO further validates the transformative potential of MNT as the first procedure targeting one of the underlying causes of Type II diabetes,” founder, president & CMO Dr. Bobak Azamian added.