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TMCNet:  Sapheon Submits Second Module of PMA Application for VenaSeal® Sapheon Closure System; Raises $10M in Bridge Note Financing

[January 06, 2014]

Sapheon Submits Second Module of PMA Application for VenaSeal® Sapheon Closure System; Raises $10M in Bridge Note Financing

MORRISVILLE, N.C. --(Business Wire)--

Sapheon Inc. announced today that it has submitted the second module of the pre-market approval (PMA) application for the VenaSeal® Sapheon Closure System to the U.S. Food and Drug Administration (FDA). The submission, which was completed on December 18, 2013, represents steady progress on the modular PMA application for VenaSeal, a minimally invasive, single use kit intended for the treatment of venous reflux (varicose veins) disease. The first module, submitted in September 2013, was reviewed by the FDA and accepted without deficiencies within a single review cycle.

VenaSeal is currently under clinical investigation in a 1:1 randomized pivotal study (the VeClose Study) to determine its safety and effectiveness compared to radio frequency thermal ablation. The VeClose Study, authorized under an FDA-approved investigational device exemption (IDE), has clinical investigators at 10 sites in the U.S. for the treatment of 242 study patients and was fully enrolled in September 2013. The company expects the 3-month assessments of patients enrolled in the VeClose Study to be completed this month and the study's primary efficacy end-point of vein closure, as adjudicated by an independent core laboratory, to be reported shortly thereafter.

Sapheon also anounced full subscription to its $10 million bridge convertible note financing. The offering, which was introduced at the October 2013 OCTANe Medical Device & Investor Forum, was fully subscribed within six weeks as a result of strong interest by the company's existing investors.


"2013 was an exciting year for Sapheon," said Don Crawford, President and CEO. "In 2014, the focus for our team is on preparations for a 2015 U.S. product launch and eventual market leadership in the treatment of venous reflux disease."

Sapheon is also sponsoring two other VenaSeal studies: a 70-patient European post-market evaluation at seven sites within Germany, the UK, The Netherlands and Denmark that completed enrollment in September 2012; and a 38-patient feasibility study conducted in the Dominican Republic that completed enrollment in July 2011. The company has agreed to continue to follow the patients in these two studies for a period of three years. The clinical data collected in these studies will be used to support the PMA application as well as reimbursement in markets outside the United States.

The VenaSeal Sapheon Closure System received CE Mark approval in September 2011. Since that time, VenaSeal has been used to treat over 1,700 veins in patients in Europe and Hong Kong without tumescent anesthesia or post-procedure compression hose therapy. At this time, the VenaSeal Sapheon Closure System is limited to investigational use within the United States.

ABOUT SAPHEON

Sapheon Inc. is a privately held medical device company whose mission is to develop new approaches and disruptive technologies for the treatment of vascular disease. The Company's current focus is on an advanced treatment for venous reflux disease, a condition requiring over 550,000 surgical procedures worldwide in 2012. VenaSeal® uses a proprietary catheter system to deliver a specially formulated medical adhesive to embolize and close the saphenous vein, eliminating the need for surgery, thermal ablation, sedatives, and tumescent anesthesia. The VenaSeal Sapheon Closure System is not commercially available in the United States. Please visit www.sapheoninc.com to learn more about Sapheon.


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