Clinical-stage medtech firm Fast BioMedical said it has raised $8 million in mixed funding, with proceeds slated to support its blood volume and kidney function diagnostic technologies, as well as internal growth.
The Carmel, Ind.-based company is developing a technology platform to measure blood volume and kidney function in timely, precise and convenient manner, according to the company’s website.
The technology works by measuring concentrations of fluorescent in in vivo markers which are injected through a small bolus IV of VFI comprised of 2 different fluoresced molecular weight markers. The larger marker is retained in the vascular space and used to determine volume status, while the smaller marker is filtered by the glomerulus and is used to determine renal clearance, the company said.
“This financing is an important and validating step to continue our progress. We have already begun adding talent to the team, and are excited about their ability to immediately add value,” Fast BioMedical CEO Joe Muldoon said in a prepared statement.
A total of $5 million in funding comes from a Series A2 financing round led by the newly invested F&M Investment Office, Fast BioMedical said. The additional $3 million comes from grant funding received as a competing renewal award from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health.
“Fast BioMedical has enormous potential to serve large unmet medical needs with its innovative technology. We are delighted to partner with them, and see great promise in the ability to favorably impact critical patient care,” F&M Investment Office prez McClure said in a press release.
