Medical device startup Vesiflo has raised $3.3 million in an equity and mixed shelf round of financing, according to an SEC filing posted this week.
Funds raised in the round come from 55 unnamed investors, with the company looking to bring in an additional $3.7 million for a total of $7 million before closing.
Money raised comes through the sales of Series A preferred stock, with $3 million of new capital and up to $4m in conversion of existing debt and equity.
An initial amount of $2.7 million represents the conversion of existing debt into Series A preferred shares, according to the SEC filing, with the 1st sale date noted as Jan. 30.
The inFlow device is designed to help patients with neurological damage who cannot control and contract muscles around their bladder, according to the company’s website. It is comprised of a non-surgical urinary prosthesis and a magnetic remote control device which allows users to completely empty their bladders.
The device has FDA approval and the company is currently investing in manufacturing and selling the systems.