Sonavex Inc., a privately held medical device company with products that deliver visual and quantitative blood flow data at the point of care, recently closed the first $3M tranche of its newest round of funding. The financing includes both new and existing investors, including key health care stakeholders like the Texas Medical Center, the world’s largest medical center. This follows on the heels of a $3 million grant from the National Institutes of Health to utilize Sonavex’s FDA-cleared products for improving arteriovenous (AV) fistula success rates among kidney failure patients requiring dialysis access.
Sonavex has now secured a total of $13M in funding since inception. The latest funds will support the limited clinical release of flagship products EchoMark and EchoSure. This financing will augment NIH research funding to support a pilot commercial rollout, including work in the arteriovenous access market. “The NIH has validated the clinical value of applying our platform technology to this large unmet need. Our technology has the potential to improve the lives of millions of patients suffering from AV access complications and mitigate the exorbitant associated costs to the healthcare system,” said David Narrow, CEO of Sonavex.
“Given the tremendous clinical response we have received for EchoMark and EchoSure, we have the opportunity to deliver compelling value-based outcomes to drive a strong sales trajectory,” said John Berry, Vice President of Sales & Marketing. Berry was previously Vice President at Salient Surgical (formerly TissueLink Medical) and was instrumental in building the company’s platform from a pre-commercial stage to more than $100M in revenue and sale to Medtronic for $525M. Sonavex intends to close its Series B and scale up a nationwide sales launch following the successful conclusion of the pilot rollout.
About Sonavex, Inc.
Sonavex, Inc. is a Baltimore-based medical device company originally spun out of Johns Hopkins. The company has developed a portfolio of novel ultrasound solutions that empower patient care by delivering critical visual and quantitative data to improve outcomes and reduce costs. For more information, please visit http://www.sonavex.com.
