VenoStent: Pioneering a New Era in Dialysis Patient Care
July 12, 2024, 9:35 pm
VenoStent, a clinical-stage medical device company, has recently secured a substantial $20 million in funding to advance the development of a groundbreaking therapeutic device aimed at enhancing outcomes for dialysis patients. This significant investment includes an additional $4 million from Norwest Venture Partners, bringing the total Series A financing to $20 million, with Good Growth Capital and IAG Capital Partners co-leading the deal.
At the core of VenoStent's innovative approach is the development of a bioabsorbable perivascular wrap known as SelfWrap. This revolutionary technology is designed to be placed around arteriovenous (AV) access sites during AV fistula creation surgery, with the goal of accelerating the usability and increasing the durability of these sites for individuals with chronic kidney disease (CKD) who require hemodialysis.
The concept behind SelfWrap is to leverage the body's natural healing mechanisms to mimic the arterial environment within veins. This is particularly crucial during AV creation, where veins experience a tenfold increase in pressure and flow, often rendering them unusable for dialysis. By introducing SelfWrap into the equation, VenoStent aims to address this challenge and improve the overall efficacy of AV fistula procedures for CKD patients.
In addition to the financial backing from investors, VenoStent has also been awarded a $3.6 million Small Business Innovation Research (SBIR) Phase II Grant by the National Institutes of Health (NIH). This grant will play a pivotal role in supporting the company's upcoming multi-center, 200-patient, randomized controlled trial (RCT) in the United States, further validating the efficacy and potential impact of SelfWrap in clinical settings.
The strategic partnership with Norwest Venture Partners has brought onboard Dr. Zack Scott and Dr. Ehi Akhirome as board observers, both of whom bring a wealth of experience and expertise in the field of medtech. Their involvement underscores the confidence and support that key industry players have in VenoStent's mission to revolutionize dialysis patient care through innovative medical technology.
VenoStent's CEO and co-founder, Tim Boire, Ph.D., expressed his enthusiasm for the company's progress, highlighting the significant milestones achieved in 2024. From initiating clinical sites and enrolling patients in large-scale RCTs to securing funding and receiving NIH grants, VenoStent is poised for a transformative phase of growth and impact in the healthcare industry.
With over half a million individuals in the United States relying on hemodialysis for survival, the need for improved outcomes in AV fistula procedures is more pressing than ever. VenoStent's pioneering technology has the potential to significantly enhance the odds of success for CKD patients undergoing hemodialysis, ultimately improving their quality of life and long-term prognosis.
As VenoStent continues to push the boundaries of medical innovation and patient care, the company's commitment to advancing the field of dialysis treatment remains unwavering. With a dedicated team, strategic partnerships, and a clear vision for the future, VenoStent is poised to make a lasting impact on the lives of hundreds of thousands of individuals affected by chronic kidney disease.
At the core of VenoStent's innovative approach is the development of a bioabsorbable perivascular wrap known as SelfWrap. This revolutionary technology is designed to be placed around arteriovenous (AV) access sites during AV fistula creation surgery, with the goal of accelerating the usability and increasing the durability of these sites for individuals with chronic kidney disease (CKD) who require hemodialysis.
The concept behind SelfWrap is to leverage the body's natural healing mechanisms to mimic the arterial environment within veins. This is particularly crucial during AV creation, where veins experience a tenfold increase in pressure and flow, often rendering them unusable for dialysis. By introducing SelfWrap into the equation, VenoStent aims to address this challenge and improve the overall efficacy of AV fistula procedures for CKD patients.
In addition to the financial backing from investors, VenoStent has also been awarded a $3.6 million Small Business Innovation Research (SBIR) Phase II Grant by the National Institutes of Health (NIH). This grant will play a pivotal role in supporting the company's upcoming multi-center, 200-patient, randomized controlled trial (RCT) in the United States, further validating the efficacy and potential impact of SelfWrap in clinical settings.
The strategic partnership with Norwest Venture Partners has brought onboard Dr. Zack Scott and Dr. Ehi Akhirome as board observers, both of whom bring a wealth of experience and expertise in the field of medtech. Their involvement underscores the confidence and support that key industry players have in VenoStent's mission to revolutionize dialysis patient care through innovative medical technology.
VenoStent's CEO and co-founder, Tim Boire, Ph.D., expressed his enthusiasm for the company's progress, highlighting the significant milestones achieved in 2024. From initiating clinical sites and enrolling patients in large-scale RCTs to securing funding and receiving NIH grants, VenoStent is poised for a transformative phase of growth and impact in the healthcare industry.
With over half a million individuals in the United States relying on hemodialysis for survival, the need for improved outcomes in AV fistula procedures is more pressing than ever. VenoStent's pioneering technology has the potential to significantly enhance the odds of success for CKD patients undergoing hemodialysis, ultimately improving their quality of life and long-term prognosis.
As VenoStent continues to push the boundaries of medical innovation and patient care, the company's commitment to advancing the field of dialysis treatment remains unwavering. With a dedicated team, strategic partnerships, and a clear vision for the future, VenoStent is poised to make a lasting impact on the lives of hundreds of thousands of individuals affected by chronic kidney disease.