Financing led by Petrichor strengthens VERO Biotech’s position as a leader in neonatal intensive care
ATLANTA, Jan. 11, 2023 /PRNewswire/ — VERO Biotech Inc., a commercial-stage healthcare business dedicated to neonatal intensive care and the acute care hospital community, today announced the successful close of a $30 million financing with Petrichor, a leading healthcare-dedicated growth capital provider. The proceeds will support further development and commercialization of VERO Biotech’s GENOSYL Delivery System (DS), a tankless inhaled nitric oxide (iNO) delivery system. The third generation of the GENOSYL DS was recently approved by the FDA and represents a breakthrough in iNO technology benefitting both providers and patients. Patrick Lally, Partner of Petrichor, has joined the VERO Biotech Board of Directors. Details of the financing were not disclosed.
“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.”
“VERO Biotech has rapidly established itself as a leader in neonatal intensive care through the commercial success of GENOSYL DS, with its tankless system representing the first innovation in the delivery of inhaled nitric oxide approved by the FDA in 20 years,” commented Mr. 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. The VERO Biotech team is dedicated to addressing the unmet needs of respiratory disease specialists who treat persistent pulmonary hypertension of the newborn, a serious condition in term or near-term newborns that affects 100,000 neonates each year. We look forward to supporting the VERO Biotech team in their pursuit of better neonatal patient care.”
About GENOSYL
Indication
GENOSYL (nitric oxide) gas, for inhalation, is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near-term (>34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents.
Important Safety Information
- GENOSYL is contraindicated in the treatment of neonates dependent on right-to-left shunting of blood.
- Abrupt discontinuation of GENOSYL (nitric oxide) gas, for inhalation may lead to worsening oxygenation and increasing pulmonary artery pressure.
- Methemoglobin levels in the blood increase with the dose of nitric oxide; following discontinuation or reduction of nitric oxide, methemoglobin levels return to baseline over a period of hours.
- Methemoglobin, NO2, and PaO2 should be monitored during nitric oxide administration.
- In patients with pre-existing left ventricular dysfunction, GENOSYL may increase pulmonary capillary wedge pressure leading to pulmonary edema.
- The most common adverse reaction is hypotension.
- Nitric oxide donor compounds may have an additive effect with GENOSYL on the risk of developing methemoglobinemia.
- GENOSYL must be administered using a calibrated GENOSYL Delivery System. Only validated ventilator systems or nasal cannulas should be used in conjunction with GENOSYL.
Please visit www.vero-biotech.com for the full Prescribing Information for GENOSYL.
About GENOSYL DS
GENOSYL DS is VERO Biotech’s lead product. This proprietary delivery system eliminates the need for large nitric oxide tanks and the associated logistical burden. GENOSYL DS is a tankless and portable system engineered with redundant backup features, which delivers a constant concentration of inhaled nitric oxide gas to patients and the easy-to-use interface and portability features
About VERO Biotech LLC
VERO Biotech LLC (formerly known as GeNO LLC) is a biotechnology company focused on the design, development, and commercialization of next-generation products to address the unmet medical needs of patients with a variety of pulmonary and cardiac diseases.
VERO Biotech LLC is dedicated to improving the lives of patients by leading the development of innovative technologies for inhaled nitric oxide delivery in the acute care hospital setting and beyond, wherever inhaled nitric oxide treatment is needed.
About Petrichor
Petrichor partners with world-class healthcare managers and businesses to provide customized investment structures and support. The Petrichor team has completed over 125 investments representing more than $6 billion in invested capital and has held over 50 board seats. Petrichor maintains a deep in-house understanding of healthcare products and services, including scientific, technical, and commercial expertise. This healthcare expertise, together with a breadth of experience investing across sectors, geographies, and capital structures, provides a unique combination to help build successful companies.
For more information on Petrichor, please see www.petrichorcap.com or contact the firm at info@petrichorcap.com.
Forward Looking Statements
This press release and any statements of representatives of VERO Biotech LLC related thereto that are not historical in nature contain, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, without limitation, statements with respect to VERO Biotech’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “seeks,” “intends,” “plans,” “potential” or similar expressions, including statements with respect to the potential effects of its products and plans to assess and undertake next steps for VERO Biotech LLC. These statements are based upon the current beliefs and expectations of VERO Biotech’s management and are subject to significant risks and uncertainties. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various risk factors (many of which are beyond VERO Biotech’s control).
For information, please visit www.vero-biotech.com or contact Ray Russo at Ray.Russo@VERO-biotech.com or (908) 313-7172.
