FlowMedica Inc., Completes $15 Million Series D Financing.FREMONT, Calif. -- FlowMedica, Inc., a medical device company developing catheter-based systems to apply targeted renal therapy (TRT TRT Transportation Research Thesaurus TRT Tribunal Regional do Trabalho (Brazil) TRT Türkiye Radyo Televizyon Kurumu TRT Tinnitus Retraining Therapy TRT Testosterone Replacement Therapy TRT Thai Rak Thai Party (TM)) to prevent and treat kidney dysfunction that results from certain interventional or surgical procedures and diseases, today announced the closing of a $15 million series D financing round. De Novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. Ventures and Palo Alto Investors led this round of financing, with returning investors ABN AMRO Capital, Medica medica (māˑ·dē·k Venture Partners, and Oxford Bioscience Partners also participating. "We're pleased that De Novo Ventures and Palo Alto Investors have chosen to join our existing investors," said Vartan Ghazarossian, Ph.D., president and chief executive officer of FlowMedica. "Their commitment, along with that of our existing investors, is a strong indication of confidence in our team, our strategy, and our technology." FlowMedica has developed novel, proprietary, minimally invasive intravascular intravascular /in·tra·vas·cu·lar/ (in?trah-vas´ku-lar) within a vessel. in·tra·vas·cu·lar adj. Within one or more blood vessels. systems for administering TRT. Physicians are assessing these systems in patients at risk for two major conditions that can cause kidney dysfunction: Radiocontrast nephropathy nephropathy /ne·phrop·a·thy/ (ne-frop´ah-the) disease of the kidneys.nephropath´ic analgesic nephropathy (RCN RCN n abbr (= Royal Canadian Navy) → kanadische Marine ), one of the most common causes of acute kidney failure Acute Kidney Failure Definition Acute kidney failure occurs when illness, infection, or injury damages the kidneys. Temporarily, the kidneys cannot adequately remove fluids and wastes from the body or maintain the proper level of certain among hospitalized patients; and cardiorenal syndrome (CS), kidney dysfunction that occurs in a large number of patients hospitalized with heart failure. RCN occurs in patients whose kidneys are unable to withstand the harmful effects of the dye (radiocontrast media) used during minimally invasive cardiovascular and peripheral vascular interventional procedures such as stent placement, angioplasty and plaque excision, and diagnostic tests such as angiography angiography or arteriography X-ray examination of arteries and veins with a contrast medium to differentiate them from surrounding organs. The contrast medium is introduced through a catheter to show the blood vessels and the structures they supply, including . CS is characterized by excess fluid accumulation in the body, resistance to conventional medical therapy, worsening kidney function and higher death rates. TRT is the selective delivery of therapeutic agents to the kidneys via the renal arteries. TRT maximizes the efficiency of these agents by channeling them directly to the site where their effect is most needed. It is an alternative to the standard delivery method of systemic intravenous (IV) infusion to treat kidney dysfunction. Systemic infusion of certain drugs is often associated with serious side effects Side effects Effects of a proposed project on other parts of the firm. such as hypotension hypotension or low blood pressure Condition in which blood pressure is abnormally low. It may result from reduced blood volume (e.g., from heavy bleeding or plasma loss after severe burns) or increased blood-vessel capacity (e.g., in syncope). , the lowering of blood pressure. "We believe FlowMedica's innovative approach towards 'targeted' renal therapy will further the development and expansion of significant new market opportunities related to kidney dysfunction. We are pleased to be part of this promising company's future," said, David M. Mauney, M.D., managing director of De Novo Ventures, Menlo Park, Calif. "We believe that FlowMedica's products can address many local and systemic diseases in which renal dysfunction plays a pathogenic role," said Joon Yun, M.D., investment analyst, Palo Alto Investors, Palo Alto, Calif. "We look forward to helping support the company through its next growth phase." The funds raised in this financing round will help accelerate the commercialization of FlowMedica's devices and further advance market development for the company's three product lines - the Benephit(TM) CV Infusion System, the Benephit(TM) PV Infusion System and the Benephit(TM) HF Infusion System. About FlowMedica FlowMedica is a venture-backed, privately held, commercial-stage medical device company founded in 2002 by Accelerated Technologies, Inc., in collaboration with leading cardiologists and surgeons. FlowMedica is located in Fremont, Calif. The company's initial products - the Benephit CV, the Benephit PV, and the Benephit HF Infusion Systems - have received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. 510(k) clearance. The Benephit family of devices has also been cleared for use in the European Union. For more information about FlowMedica, visit www.flowmedica.com. About De Novo Ventures De Novo Ventures is a Menlo Park, Calif.-based venture capital firm specializing in early stage life science investing. The fund managers founded or co-founded 10 medical device companies including Advanced Cardiovascular Systems (Guidant), CardioThoracic cardiothoracic /car·dio·tho·rac·ic/ (-thah-ras´ik) pertaining to the heart and the thorax. car·di·o·tho·rac·ic n. Of or relating to the heart and the chest. Systems (Guidant), Origin Medsystems (Guidant), Gynecare (Johnson & Johnson), and Perclose (Abbott). De Novo currently has $350 million under management, and, to date, has invested in over 20 medical device and biotechnology companies. For more information about De Novo Ventures, please visit www.denovovc.com. About Palo Alto Investors Palo Alto Investors is an SEC-registered investment advisor providing money management services to institutional clients and high net worth individuals. Founded in 1989, the company currently has approximately $600 million under management and focuses on the following segments of the equity market: micro-cap, small-cap, health care and energy companies. For more information about Palo Alto Investors, visit www.pa-investors.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion