Vascular access system maker Avenu Medical raised $6 million in a new round of debt financing, according to an SEC filing.
Avenu Medical, founded in 2010, is developing and producing the Ellipsys vascular access image-guided catheter system, designed to percutaneously create arteriovenous fistulas for hemodialysis access.
Funds came from 46 anonymous investors, according to an SEC filing. No details on how the funds will be spent or who joined the round of funding have been disclosed by the company.
Avenu Medical founder Dr. Jeffrey Hull came up with the idea for the device after brainstorming with a friend about medical devices that haven’t changed in over 30 years, he told Endovascular Today in an interview in June.
Dr. Hull said he settled on AV fistula creation for dialysis – something that had not changed significantly since its creation in 1966. After due diligence, Hull and his team went on to form Caymus Medical, which would later be named Avenu Medical, in pursuit of creating a device to modernize the procedure.
San Juan Capistrano, Calif.-based Avenu Medical said it has conducted clinical trials of the device for the past 2 years outside the U.S. The company said it received investigational device exemption from the FDA to begin a clinical trial to pursue regulatory clearance within the U.S.