Averto Medical has closed an oversubscribed $30.5 million Series A financing led by Cormorant Asset Management, with participation from Venrock Healthcare Capital Partners, LifeSci Venture Partners, CVF and other investors, to advance clinical testing of its ColoSeal™ intraluminal diversion system toward regulatory approval.

ColoSeal™ has the potential to help more than 100,000 patients per year undergoing colorectal surgery by eliminating the need for an invasive temporary diversion ostomy. Early clinical data has shown promising results in addressing this multi-billion dollar market opportunity.

I am pleased to welcome this esteemed group of investors and we are committed to significantly improving clinical care and outcomes for patients undergoing colorectal surgery,” said Dr. Kenton Fong, Founder and Chief Executive Officer of Averto Medical.

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