RenalGuard Solutions, Inc., a Milford, MA-based medical device company, completed a $14.5m Series A funding round.
The round was led by Exigent Capital, with participation from existing shareholder Genesis Capital Advisors and other private equity investors. In addition to the financing, Alan Adler, former chief executive officer and chairman of Oridion Medical, joined RenalGuard’s board of directors as a representative of Exigent Capital.
The company will use the resources to complete its ongoing pivotal trial of RenalGuard Therapy® by year-end, which is aimed at supporting U.S. marketing approval in 2018, to further extend its marketing and sales activities for RenalGuard Therapy in Europe and other regions where the technology is already available for use, and to expand research and development into several additional clinical indications where the technology may meet other health needs.
Led by Ethan Benovitz, Chairman, RenalGuard Solutions provides RenalGuard, which is designed to protect patients from acute kidney injury (AKI), including contrast-induced AKI (CI-AKI), by measuring a patient’s urine output and automatically infusing hydration fluid based on that urine output.
Investigator-sponsored studies in Europe have demonstrated RenalGuard’s effectiveness at preventing CI-AKI in at-risk patients. RenalGuard is CE-marked and is sold in Europe and certain countries around the world via a network of distributors. The CIN-RG RenalGuard pivotal study is underway in the United States to support a planned Premarket Approval filing with the U.S. Food and Drug Administration.