Renovia Inc. co-founder, Marc Beer, has obtained funding in the form of a $32 million Series B round along with $10 million in venture debt. This backing comes from the Longwood Fund, a group of top investors with an emphasis on healthcare and will support Renovia’s research and development of products for diagnosing and addressing pelvic floor disorders, such as female incontinence, a condition shared by 250 million women, along with four other products, including an updated version of Renovia’s first product, the Leva device, which was approved by the FDA in April 2018.
Beer said in a statement that Renovia is thrilled to have the backing of a healthcare investor that shares the vision of improving the lives of women affected by pelvic floor disorders. He added that Renovia’s platform will provide customers with the data to evaluate treatment options and to gain understanding of pelvic floor disorders, with an end goal of eventually lowering long-term healthcare costs.
Renovia’s research is backed by Beer’s 25 years of experience in biotechnology, pharmaceuticals, devices and diagnostics.
Starting in April 2000, under Beer’s 7-year tenure as ViaCell Founding CEO, the company, which gathers and stores umbilical cord blood stem cells, grew to over 300 employees. During that period, Beer also devoted his time to serving on the board of directors for the biopharmaceutical company, Erytech Pharma.
His previous experience includes Vice President of Global Marketing for Genzyme for which he handled the global launch of products directed toward addressing effects of rare diseases and time spent working with Abbott Laboratories where he handled pharmaceutical and diagnostics sales and marketing.
He served on the Biotechnology Industry Organization Emerging Companies Section Governing Board and was a member of the Mass Life Science Board of the Commonwealth of Massachusetts. Other time spent on boards include Founding Chairman of the board of directors of Good Start Genetics, Inc. and for Minerva Neurosciences Inc. Beer was a member of the Miami University Business Advisory Council and the Notre Dame Research and Commercialization Advisory Committee and Notre Dame Graduate Studies Research and Advisory Council.
Beer has a BS from Miami University in Oxford, Ohio. Learn more: https://www.businesswire.com/news/home/20180821005199/en/Renovia-Completes-42.3-Million-Series-Financing