Vero Biotech announced today that it raised $30 million to support its Genosyl inhaled nitric oxide (iNO) delivery system.
The financing comes just days after the company received FDA approval for Genosyl. The third-generation Genosyl delivery system features faster dosing, simpler workflow and operational efficiency.
Petrichor, a healthcare-dedicated growth capital provider, led the financing.
Atlanta-based Vero Biotech said in a news release that it plans to use proceeds to support commercialization for Genosyl.
The system speeds up dosing with an adaptive sensor and automated cassette activation feature. These offerings cut the time needed to achieve the desired dose. The company designed Genosyl so clinicians can work from one console. Each console includes a dual cassette bay that transitions cassettes automatically.
Vero also improved Genosyl’s user interface and reduced the size and weight of its disposable cassettes. These improvements to operational efficiency alleviate storage constraints within hospitals.
“This funding represents our commitment to the continuous development of the Genosyl delivery system, as well as to neonatal intensive care and the acute care hospital community in providing solutions to the challenges they face,” said Brent V. Furse, CEO and president, Vero Biotech. “We are grateful for the partnership with Petrichor, the confidence they have placed in Vero Biotech, and their recognition of our commercial success to date and strategies for further expansion.”
New member joins Vero Biotech board on the back of financing
As part of the financing, Petirchor partner Patrick Lally joined Vero Biotech’s board of directors. The company declined to disclose further details of its financing.
Patrick Lally, Partner of Petrichor, has joined the VERO Biotech Board of Directors. Details of the financing were not disclosed.
“Vero Biotech has rapidly established itself as a leader in neonatal intensive care through the commercial success of Genosyl delivery system, with its tankless system representing the first innovation in the delivery of inhaled nitric oxide approved by the FDA in 20 years,” said Lally. “We have been impressed with Vero Biotech’s commercial growth in addition to its commitment to continued innovation, evidenced by the recent FDA approval for its third-generation product design.”