The Singapore-based company designed Awak PD as a wearable and ultraportable peritoneal dialysis (PD) system. It offers patients the freedom to undergo dialysis at home and anywhere on the go. It helps to overcome the challenge of long hours of stationary therapy and connection to large dialysis machines in hospitals and clinics.
Awak designed its technologies to regenerate and reconstitute waste dialysis fluid into fresh, usable fluid. This reduces the amount of dialysis fluid needed by up to 90%. Additionally, the company enabled the miniaturization of the dialysis machine to fit inside a small-carry bag. It reduces the burden of therapy and increases quality of life by providing convenience and time to patients.
The round — the largest medtech fundraising event in Singapore this year — featured participation from a number of venture capital firms. Lion X Ventures and Vickers Venture Partners co-led the round. Advanced MedTech, Eckuity Capital and an unnamed investment office also contributed.
Awak plans to use proceeds for a number of initiatives, including an ongoing human pre-pivotal clinical trial in Singapore. The company wants to enhance its device in anticipation of a final pivotal trial in the U.S., earmarked for 2025. Funds could also drive the development of new products, including complementary products to promote home dialysis.
“The significant investment in this round, at a higher valuation than our Series A, is a testament to the remarkable progress we’ve made with our ultraportable device and strategic portfolio expansion,” said Awak CEO Suresha Venkataraya. “This investment now propels us towards new and exciting milestones, including further development of our PD product, and an upcoming pivotal clinical trial in the U.S.”
More about Awak and its portable dialysis system
Awak designed its device to use sorbent technology to remove the uremic toxins from spent dialysate. It reconstitutes used dialysis fluid into fresh fluid in real-time. The technology removes the need for large volumes of dialysate, continuous water supply and costly water treatment in dialysis treatments.
Awak PD won FDA breakthrough device designation in January. That came after the company completed its first-in-human study in October 2018 with no serious adverse events.
In December 2019, the company raised $40 million in an oversubscribed financing round. Awak earmarked those proceeds for late-stage clinical studies and commercialization acceleration for the device.
