InnAVasc Medical Inc of Durham, which is developing medical devices that provide safer vascular access for patients with kidney failure, has raised two-thirds of a multi-million dollar equity round.
According to a filing with the US Securities and Exchange Commission, InnAVasc raised $2.148 million of a $3.5 million offering from 39 investors.
Founded by Duke University surgeons and scientists, it was founded following pre-clinical proof of concept studies in 2013. It landed its first round of funding in October 2014 and won a $100,000 Duke University DTMI Collaborative Pilot Grant in 2015.
The NC Biotechnology Center recently awarded the company a $250,000 small business research loan and it raised $500,000 in debt earlier this year.
The company hired Joseph Knight as CEO and president in January.
Knight, a Ph.D, has nearly 15 years of experience in medical device innovation and commercialization. He has been part of the intellectual property development, business, and strategic planning for four different ventures – including iRhythm Technologies and as Founder/CEO of Medici Medical Technologies. Most recently, Dr. Knight spent 5 years at Medtronic in various roles in marketing, business development, and strategy.
The company’s first product eliminates many errors and problems with current mean of vascular access for dialysis patients.
The company disclosed the raise in this regulatory filing
https://www.sec.gov/Archives/edgar/data/1671622/000167162216000004/xslFormDX01/primary_doc.xml
