CorVent Medical today announced the closing of a $4.5 million seed financing round to support the commercialization of a single-use, critical care ventilator.
The financing round is led by European life sciences venture capital firm Sofinnova Partners with participation from Redmile Group, Exor Seeds, Genesis Medtech Group, The Deerfield Foundation, The Pagliuca Family Office and Accel founder Jim Swartz. Funds will be used to complete regulatory filings for an FDA emergency use authorization, launch the CorVent single-use ventilator and support the development of devices for respiratory insufficiency.
The single-use ventilator is designed in a plug-and-play set-up with built-in safeguards, with integrated filters to protect healthcare providers, staff and patients, according to CorVent Medical, a privately held portfolio company of medtech incubator Coridea.
“The COVID-19 pandemic has highlighted a significant need for emergency-use ventilators that can be rapidly deployed to enable on-demand, critical care ventilation,” said Antoine Papiernik, managing partner at Sofinnova Partners, in a news release. “CorVent has created an elegant yet simple, single-use solution for emergency preparedness that can be stored for long periods of time without the expense and delay of complicated service contracts. We are proud to partner with this proven team to bring a much needed solution to market.”
The device is the only single-use, critical care ventilator proposed for the market, according to CorVent CEO Mark Gelfand. “Whether it is in response to a pandemic or to address an underserved market, our single-use ventilator enables hospitals, states and countries to cost-effectively and efficiently address respiratory insufficiency so healthcare providers can immediately focus on critical patient needs,” Gelfand said.