RenovoRx, Inc., a Los Altos, Calif.-based medical technology company developing an innovative catheter-based approach to treating pancreatic cancer, raised $10m in financing.
The round was led by Boston Scientific with participation from new investors btov Partners and existing investors Astia Angels, the Angels’ Forum, the Halo Fund III, L.P., Golden Seeds, and Acorn Campus Taiwan.
The company, which closed $7m in an initial tranche, will use the funds for the ongoing product development and clinical trials of RenovoCath for the treatment of patients with locally advanced pancreatic cancer.
Led by Shaun R. Bagai, CEO, RenovoRx is a medical device company developing novel catheter-based technologies for targeted delivery of fluids to the peripheral vessels. The company’s proprietary, patented RenovoCath™ technology is a dual-balloon infusion catheter that reaches pancreatic tumors using a proprietary, catheter-based approach to deliver chemotherapy directly to the tumor inside the pancreas, without the need to identify blood vessels locally at the treatment site. It is indicated for the isolation of blood flow and delivery of fluids, including diagnostic, chemotherapeutic, and/or other therapeutic agents, to selected sites in the peripheral vasculature system.
The company received FDA clearance in 2014; CE Mark in 2015; FDA clearance for expanded labeling in 2017; and Orphan Drug Designation for the potential treatment of locally advanced pancreatic cancer in 2018.