Medical device startup Vesiflo raised $2.4 million in a new round of equity financing to support its iFlow device designed to treat women with impaired detrusor contractility.
Funds raised came from 26 unnamed investors, and the company is looking to raise an additional $4.6 million to bring the round to a total of $7 million before closing.
Money raised comes through the sales of Series A preferred stock, with $3 million of new capital and up to $4m in conversion of existing debt and equity.
The initial amount sold represents only the conversion of existing debt into Series A preferred shares, and no additional sales have been made yet, according to an SEC filing.
The inFlow device is designed to help patients with neurological damage who cannot control and contract muscles around their bladder, according to the company’s website. It is comprised of a non-surgical urinary prosthesis and a magnetic remote control device which allows users to completely empty their bladders.
The device has FDA approval and the company is currently investing in manufacturing and selling the systems.