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Renovia raises $17M in Series C-1 financing

Renovia raises $17M in Series C-1 financing

Proceeds to advance U.S. commercial launch of leva® Digital Therapeutic and additional clinical development

PR Newswire

BOSTON, April 19, 2021 /PRNewswire/ -- Renovia Inc. ("Renovia"), a women-led company that develops digital therapeutics for female pelvic floor disorders, today announced the closing of an additional round of equity funding totaling $17 million. The financing included new investor, Parian Global Management, along with existing Renovia investors, including Perceptive Life Sciences, Longwood Fund, Ascension Ventures and OSF Ventures.

"We're very pleased to continue working with such an accomplished group of healthcare investors, which now includes Parian Global Management," said Eileen Maus, CEO for Renovia. "It's been clear since our first discussion with Zach and his team that they understand our markets and the critical need for better first-line care. Parian Global has joined us at a very exciting time in Renovia's history, and we look forward to working with them as we continue to make first-line treatment for urinary incontinence accessible to the 20M women in the U.S. who live with bladder leaking and urgency."

Renovia will use the proceeds to support the national commercial launch of its flagship product, the leva® Digital Therapeutic, across 50+ OB/GYN-focused territories in the U.S. The national launch, which began in early April, will improve access to first-line care for both women living with bladder leaks and urgency and OB/GYNs seeking novel ways to connect with them. The proceeds of the fundraising will also accelerate additional clinical development related to the use of Renovia's unique motion-based mechanism of action for the treatment of urinary incontinence and other pelvic floor disorders.

"Renovia and the leva Digital Therapeutic are creating the gold standard for addressing the unmet medical needs of tens of millions of women suffering from urinary incontinence and other pelvic floor disorders," said Zach Miller, Chief Investment Officer of Parian Global Management. "Until now, the large and chronically underserved population of women whose symptoms are not severe enough to warrant surgical intervention has been forced to mask the problem with limited effective treatment options. Renovia is filling this void with a clinically validated and technology-enabled product platform to help patients in the privacy of their own homes, while simultaneously ensuring a woman's doctor remains central to her care. We believe this model represents the future of healthcare, and we are thrilled to be partnering with a proven leadership team at Renovia whose track record of driving clinical and commercial change to improve the standard of care in women's health positions the company to address this tremendous need with a scalable, technology-first approach."

Addressing UI with the leva® Digital Therapeutic

Urinary incontinence, or "UI," affects 20 million women in the U.S. alone. Commonly referred to as bladder leakage or urgency, UI can have a negative impact on a woman's quality of life and lead to potentially severe medical conditions. While data show that strengthening pelvic floor muscles can reduce involuntary bladder leaks and urgency, reluctance to discuss the condition and difficulty performing strengthening exercises correctly keep non-invasive, drug-free treatment out of reach for many millions of women who "just live with it." The leva® Digital Therapeutic is an FDA-cleared device that can help women strengthen their pelvic floor muscles effectively. The leva Therapeutic offers women a novel way to train and strengthen muscles through real-time visualization of movement when a woman contracts the appropriate muscles. The leva Therapeutic requires only 5 minutes of practice a day and has multiple clinical trials and published data supporting its efficacy.

For additional information about Renovia's RCT, "Comparing Efficacy of Pelvic Floor Muscle Training with a Digital Therapeutic Device to Standard Exercises for Stress Urinary Incontinence," please visit https://clinicaltrials.gov/ct2/show/NCT04508153.

About Renovia

Boston-based Renovia Inc. is a women-led company dedicated to improving the lives of women with pelvic floor disorders. Renovia's flagship product, the leva® Digital Therapeutic, offers a novel, effective, first-line treatment for urinary incontinence, an underreported condition affecting 20 million women in the U.S. alone. Renovia's technology enables non-invasive, drug-free treatment via precise visualization of pelvic movement in real time during pelvic floor muscle training, while monitoring usage and progress. For more information about Renovia or the leva Digital Therapeutic, please visit www.renoviainc.com.

Important Indication and Other Information for the leva Digital Therapeutic

The leva Digital Therapeutic is intended for strengthening of pelvic floor muscles, and rehabilitation and training of weak pelvic floor muscles for the treatment of stress, mixed, and mild to moderate urgency urinary incontinence (including overactive bladder) in women. Treatment with the leva Therapeutic is by prescription and is not for everyone. Please talk to your prescriber to see if the leva Therapeutic is right for you. Your prescriber should discuss all potential benefits and risks with you. Do not use the leva Therapeutic while pregnant, or if you think you may be pregnant, unless authorized by your doctor. For a complete summary of the risks and instructions for the leva Therapeutic, see its Instructions for Use available at www.renoviainc.com.

Renovia Inc. and leva® are trademarks or registered trademarks of Renovia Inc. in the United States and other countries. All Rights Reserved.

Cision View original content:http://www.prnewswire.com/news-releases/renovia-raises-17m-in-series-c-1-financing-301271026.html

SOURCE Renovia Inc.



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