MediBeacon TM Inc., a St. Louis-based maker of a proprietary noninvasive real-time monitoring system for kidney function, received $22.4m in financing.
Pansend LLC, an indirect wholly owned subsidiary of HC2 Holdings, Inc. (NYSE MKT: HCHC), provided the resources. In conjunction with the funding, David Present, MD, and Cherine Eldumiati Plumaker of Pansend will join MediBeacon’s Board of Directors.
Co-founded in 2012 by Steven J. Hanley and Dr. Richard B. Dorshow has developed a system that uses an optical skin sensor combined with a proprietary agent that glows in the presence of light to provide clinicians with continuous real-time monitoring of a patient’s kidney function.
Application of the technology in gastrointestinal disease is being pursued collaboratively at Washington University School of Medicine in St. Louis with funding from the Bill & Melinda Gates Foundation.
Investors in the company include Jump Capital, St. Louis BioGenerator, Missouri Technology Corporation, the Helix Fund, and the St. Louis Development Corporation.