RenalGuard Solutions said today that it raised a $14.5 million Series A round for a pivotal trial of its device to prevent acute kidney injury during percutaneous procedures.
The Milford, Mass.-based company’s eponymous device is designed to measure urine output and automatically infuse hydration fluid based on those measurements. It aims to induce high urine rates to protect the kidneys against “a range of insults,” the company said.
Exigent Capital led the round, joined by existing backers Genesis Capital Advisors and other private equity investors, RenalGuard said. Ex-Oridion Medical CEO Alan Adler joined the board of directors on behalf of Exigent as part of the round, the company said.
“This significant financing provides us with the resources to complete our ongoing pivotal trial of RenalGuard therapy by year-end, which is aimed at supporting U.S. marketing approval in 2018,” chairman Ethan Benovitz said in prepared remarks. “These funds will also further our marketing and sales activities for RenalGuard therapy in Europe and other regions where the technology is already available for use. Moreover, they will enable us to expand research and development into several additional clinical indications where the RenalGuard technology may meet other significant health needs. We thank our investors for their support, which gives further validation to RenalGuard as providing innovative solutions to important medical problems.”
“Acute kidney injury caused by cardiac interventional procedures is a serious and costly health care problem that is not currently remedied by any viable solution,” Adler added. “After spending much time extensively reviewing the published clinical data related to RenalGuard therapy and speaking with leading clinical practitioners who have become dedicated users of this technology, I am convinced that RenalGuard has the potential to become the standard-of-care for significantly reducing the incidence of AKI in the huge number of patients undergoing these procedures.
“I look forward to working closely with the RenalGuard team and its Board to help the company achieve this mission as well as its other near- and long-term objectives,” he said.