Tevosol said yesterday that it added another $1.5 million in seed financing for the portable organ perfusion device it’s developing.
Edmonton, Alberta-based Tevosol said the proceeds from the C$2 million round are earmarked for a proof-of concept human trial at the University of Alberta for its ex-vivo organ support system, expansion of its engineering, industrial design and commercial development program for the EVOSS technology.
Tevosol said it’s raised $4.7 million so far and is seeking venture funding for manufacturing, clinical investigation and commercial launch. CEO Ron Mills, who was brought on board in June, believes the Alberta prototype trial to close within a month, with a portable device ready for pilot introduction across Canada and an FDA pivotal clinical trial launching within a year.
“These funds are already fueling our next exciting phase of development,” Mills said in a press release. “Tevosol is one big step closer to fulfilling its mission to save lives by increasing the utilization of donor organs and improving transplant outcomes.”
“Many of our investors have shared our vision from the beginning, and without them Tevosol might be just another promising idea in the laboratory,” added co-founder & CSO Dr. Darren Freed.
($1 = C$1.33196)