VenoStent Secures $20 Million in Series A Funding to Transform Dialysis Care
VenoStent, Inc., a clinical-stage medical device company based in Houston, Texas, has successfully raised $20 million in Series A funding, with $4 million coming from Norwest Venture Partners. This funding is crucial for advancing the company’s mission to develop innovative therapeutic devices aimed at improving outcomes for dialysis patients.
The investment from Norwest complements a funding effort co-led by Good Growth Capital and IAG Capital Partners. As part of this strategic partnership, Dr. Zack Scott, a General Partner at Norwest, and Dr. Ehi Akhirome, an Investor at the firm, will join VenoStent as board observers, reflecting strong confidence in the company’s potential to enhance care for patients with chronic kidney disease (CKD).
Additionally, VenoStent has secured a $3.6 million grant from the National Institutes of Health (NIH) through its Small Business Innovation Research (SBIR) Phase II program. This grant will fund a multi-center, randomized controlled trial (RCT) involving 200 patients across the U.S., aimed at assessing the effectiveness of VenoStent’s innovative device in real-world clinical settings.
Led by CEO Tim Boire, PhD, and COO Geoffrey Lucks, VenoStent has created a groundbreaking bioabsorbable perivascular wrap called SelfWrap. This device is designed to encircle arteriovenous (AV) access sites during the AV fistula creation surgery, a vital procedure for patients requiring hemodialysis. The SelfWrap technology aims to improve the usability and longevity of fistula sites by harnessing the body’s natural healing processes.
Patients with chronic kidney disease often encounter challenges with AV fistulas, which can become less effective due to increased pressure and flow during their formation. The bioabsorbable wrap mimics the arterial environment in veins, addressing these complications and significantly enhancing the quality of life for those dependent on dialysis.
The successful completion of this funding round, along with the NIH grant, positions VenoStent to further its research and development efforts while expanding its clinical footprint. The company’s innovative approach to addressing AV access issues holds the potential to transform patient outcomes and redefine care standards in the dialysis sector.
As VenoStent prepares for its upcoming clinical trial and further product development, the backing from experienced investors and the NIH highlights the increasing interest in novel medical devices that tackle critical healthcare challenges. The company’s commitment to improving dialysis patient outcomes could have lasting implications in nephrology and beyond.
With robust financial support and a clear vision, VenoStent is well-positioned to make significant advancements in enhancing the lives of millions affected by chronic kidney disease.
