Cambridge, Massachusetts-based Paragonix plans to use the funds to bolster its commercial footprint. That includes the ongoing extension of its clinical service offerings and inventory expansion. The company also plans to use funds to further advance its organ transplant innovations.
Signet Healthcare Partners led the Series B round.
“At Signet, we seek to invest in highly innovative and fast-growing healthcare companies,” said Signet managing director Ashley Friedman. “Paragonix has rapidly become a leader in the organ transplant market and is having a significant impact on the future of transplant medicine. We are impressed by their commercial and clinical achievements to date and are excited to partner with their dedicated and versatile team during the next phase of growth.”
About Paragonix Technologies’ organ transplant innovations
Paragonix develops three FDA-cleared and CE-marked devices. It offers the Paragonix SherpaPak, LUNGguard donor lung preservation system and LIVERguard system. All three devices utilize first-of-their-kind preservation methods.
The company said it combines clinically proven, stable preservation technology with a comprehensive clinical network. It also integrated digital tracking and communication technologies to provide complete control over organ tracking, monitoring and reporting.
“The future of Paragonix is full of promise and excitement. Our focus remains on creating the best possible product to help more people receive a second chance at life in a safe and effective manner,” said Dr. Lisa Anderson, CEO of Paragonix Technologies. “This growth investment arrives at a critical moment as we strive to meet rising demands for our organ preservation products. We are excited to rapidly advance our innovation pipeline to enhance our ability to safely preserve and transport as many donor organs as possible.”
Anderson added that Paragonix plans to leverage Signet’s experience in the medical device market going forward.
