Tevosol, Inc., an Edmonton, Alberta, Canada-based early stage medical device company, closed a new round of seed financing for $2m (CAD).
The backers were not disclosed.
The company intends to use the funds to complete a proof-of-concept human trial at the University of Alberta, expand its product engineering and industrial design team, and accelerate commercial development of its portable perfusion machine for lungs.
Led by CEO Ron Mills and co-founder and chief scientific officer Darren Freed, MD, Tevosol is a medical device company developing EVOSS™ (Ex-Vivo Organ Support System). A portable perfusion machine built around the living, working organ at normal body temperature, EVOSS™ will help surgeons recover, resuscitate, transport, evaluate, and transplant more donor organs.
Tevosol has raised $6.3 million (CAD) in seed financing to date and will next seek venture funding to support manufacturing, clinical investigation, and commercial launch.
Mills said he expects the Alberta prototype trial to end within a month, with a portable device ready for pilot introduction across Canada and FDA pivotal clinical trial within a year.