Non-invasive kidney function monitor developer MediBeacon said it acquired $22.4 million in investment financing through an agreement with HC2 Holdings subsidiary Pansend LLC.
The MediBeacon system uses an optical skin sensor and proprietary opti-reactive glowing agent to provide real time monitoring of kidney function, St. Louis, Mo.-based MediBeacon said.
“Without financial backing, some of the miracles of modern medicine would not be here today. We look forward to supporting MediBeacon management in bringing this transformational technology into medical practice,” CEO Philip Falcone said in a press release.
The company said that Pansend’s Cherine Plumaker and Dr. David Present will join MediBeacon’s board of directors as part of the deal.
“Delayed and imprecise estimates of kidney function are problematic both in clinical practice and in drug development. MediBeacon’s ability to provide noninvasive, real-time kidney function measurement could profoundly impact both the quality and cost of patient care,” MediBeacon scientific advisory board member Dr. Steve Miller said in a press release.
MediBeacon said they are exploring the use of their technology for gastrointestinal disease collaboratively with the Washington University School of Medicine in St. Louis.