NovaShunt AG, a Zug, Switzerland-based medical device company with innovative fluid management technologies, has raised CHF23.7m (about $25m) in a Series B financing round.
The round was co-led by BioMedInvest AG, Entrepreneurs Fund and Capricorn Health-tech Fund, with participation from existing investors, NeoMed and VI Partners.
Following the transaction, NeoMed retains its role as the lead investor and largest shareholder of the company.
As stated by CEO and co-founder Noel Johnson, NovaShunt intends to use the funds to embark on European commercialization and to conduct clinical studies in the U.S.
The company’s ALFApump System is a proprietary, implantable pump system that continually removes excess abdominal fluid, known as ascites, in patients suffering from liver cirrhosis, certain cancers and congestive heart failure.
In conjunction with the funding, Thomas Moller (BioMedInvest), Els Hubloux (Capricorn) and Maciek Drozdz (Entrepreneurs Fund) will join NovaShunt’s Board of Directors.