TVA Medical, Inc., an Austin, Texas-based medical device company developing minimally invasive therapies for patients suffering from End-Stage Renal Disease (ESRD), completed a $15m Series C financing.
Backers included new investors Baxter Ventures (which led the round) and Boston Scientific Corporation; existing investors Sante Ventures, S3 Ventures, TriStar Technology Ventures; and other strategic investors.
The company intends to use the funds to continue clinical activities and accelerate market development for the everlinQ™ endoAVF System. The capital will support the ongoing clinical study (12-month follow up to complete in 2016) and additional global clinical research, as well as device reimbursement and market access initiatives.
Led by Adam L. Berman, president & chief executive officer, TVA Medical provides the everlinQ™ endoAVF System, a catheter-based technology designed to create hemodialysis access for chronic kidney disease patients in a minimally invasive procedure. In the procedure, two thin, flexible magnetic catheters are inserted into an artery and vein in the arm. A small burst of radiofrequency energy is used to connect the artery and vein to create the fistula, and the catheters are removed. The system has been studied outside the United States and has received CE mark. It is not currently available in the United States and has not been approved for commercial use by the U.S. Food and Drug Administration.