Quanta Dialysis Technologies announced that it raised $245 million in an oversubscribed and upsized Series D financing round.
Alcester, England/Beverly, Mass.-based Quanta touted the financing as the largest private funding round for a dialysis device company in history, according to a news release.
“We are delighted to attract such a strong syndicate of investors, which represents a clear vote of confidence in our innovative approach to dialysis treatment,” Quanta CEO John E. Milad said in the release. “Everybody knows that dialysis care must improve. For this to happen, providers and physicians need products that allow greater flexibility to bring dialysis directly to the patient, while simplifying complexity and reducing the overall cost of care. Our small, simple-to-use, and powerful dialysis system SC+ is positioned to help transform kidney care. The funding we are announcing today will allow us to accelerate our emergence as a significant force in this market.”
SC+ includes a design innovation that allows all dialysate fluid management to be conducted on a small, lightweight, disposable cartridge. Users dispose of the cartridge after every treatment while a touch-screen interface is meant to improve ease of use.
Through the device, the company aims to enable a wider range of users, including the actual people suffering from kidney problems, to manage dialysis therapy — not only in an outpatient clinic but also at home.
Quanta said the funding will allow the company to scale up its global operations with a focus on the U.S., where SC+ won FDA 510(k) clearance in December 2020 for use in acute and chronic care facilities.
The company said it is investing in significant infrastructure to scale up manufacturing, sales and customer service functions to support use in currently approved U.S. settings while also preparing to launch a study to support FDA clearance for in-home use in the U.S.
Glenview Capital and Novo Holdings co-led the financing round, while BlackRock, Eldridge, Sands Capital, Millenium Management, Monashee Investment Management, Puhua Capital, Segulah Medcial, Ancora and Orlando Health also participated.
Existing shareholders Wellington Partners, btov, Seroba Life Sciences and The Grands also joined in. Glenview Capital partner and co-head of healthcare Lee Hathaway, along with Novo Holdings senior partner Robert Ghenchev will join Quanta’s board.
“Innovation in kidney dialysis has been stagnant for too long – but the demand from patients, doctors, health care providers and payors for new, better and more flexible solutions is impossible to ignore,” Quanta chairman Johan de Ruiter said. “We are excited to scale up our operations, enabling us to provide access to this critical new technology that will save lives, improve patients’ quality of life and lower healthcare costs.”