Sonavex announced today that it closed a $15 million Series A-2 financing round to support its ultrasound technologies.
The Baltimore, Maryland-based Johns Hopkins spinout develops the EchoMark and EchoSure technology platforms. EchoMark and EchoSure enable medical professionals to collect essential vascular parameters in the dialysis clinic to support AV fistula maturation assessment. The ultrasound technologies deliver quantitative blood flow and other critical vascular data at the point of care.
EchoMark is an ultrasound marker designed for blood vessels. EchoSure works to automatically detect volumetric flow, diameter and depth.
Sonavex said it plans to use the proceeds to support continued evidence development for those platforms. That includes its actively enrolling 304-patient randomized controlled trial.
The round attracted several new investors, the company said, and had strong participation from existing shareholders and industry veterans. New investors included Unorthodox Ventures, GenHenn Capital, JSTAR Capital, Oakwood Circle Ventures, Riptide Ventures and Partners Investment.
“This fundraise represents the culmination of the extraordinary multidisciplinary team effort over the past several months,” said David Narrow, CEO of Sonavex. “The team’s ability to secure strong clinical data, a new CPT code, FDA IDE approval for the MAFASA pivotal trial, and grant funding to support FDA clearance of our pipeline product in a short period of time was instrumental in attracting the financing.”
