TVA Medical said today it raised $15 million in a Series C financing round to support its everlinQ endoAVF system for creating minimally invasive hemodialysis access, with strategic investments coming from major players Baxter (NYSE:BAX) and Boston Scientific (NYSE:BSX).
The catheter-based system is designed to create an AV fistula used for hemodialysis access. The system uses 2 magnetic catheters which are inserted into an artery and vein in the arm and used to connect the artery and vein to create a fistula, TVA Medical said.
The Series C round was led by newly vested Baxter Ventures and joined by new investor Boston Scientific and returning investors Sante Ventures, S3 Ventures and TriStar Technology Ventures, the company said.
“We are committed to providing kidney failure patients and caregivers with a minimally invasive endovascular arteriovenous fistula option. This financing strengthens our ability to bring the innovative everlinQ endoAVF System to the global market,” TVA Medical CEO Adam Berman said in a press release.
The new funds will support continued clinical testing and market development of the system, Austin, Texas-based TVA Medical said. The company said funds will also support its ongoing Neat trial, which it expects to receive 12-month follow up data from in 2016.
In June 2013, TVA Medical said it landed $9.5 million in a Series B financing round in support of the company’s efforts to further validate and win regulatory approvals for its minimally invasive end-stage renal disease therapy systems.