Hemanext Closes $18m Series B Equity Funding

Hemanext, a Lexington, MA-based provider of blood processing, storage, and transfusion technology, raised $18m in Series B equity funding.

The round was led by Sonenshine Fulford Group. Hemanext will be keeping the current Series B available to investors for the next few weeks. They expect to begin a Series C round with institutional investors in 2023.

The company intends to use the funds to accelerate growth, expand operations and its business reach.

Led by CEO Martin Cannon, Hemanext is a medical technology company that is dedicated to improving the quality, safety, efficacy, and cost of transfusion therapy. The company’s research and development efforts center on the study of hypoxically stored red blood cells (RBCs). In Europe, the system is CE Marked for the processing and storage CPD/PAGGSM Red Blood Cells, Leukocytes Reduced (LR RBC) that have been prepared and processed with the HEMANEXT ONE system within 24 hours of collection. The HEMANEXT ONE system limits the O2 and COlevels in the storage environment.

To date, the company has raised approximately $130m (inclusive of $8m in grant funding from the National Institutes of Health).

Hemanext also announced the appointment of Dr. Ismail Kola to its Board of Directors. Dr. Kola was formerly Executive Vice President of UCB S.A. and President and Chief Scientific Officer of UCB New Medicines. He previously served as Chief Scientific Officer at Schering-Plough Corporation and held various senior positions at Merck. Dr. Kola holds a Ph.D. in Medicine from the University of Cape Town, South Africa, and has held several professorships at leading universities worldwide, including Cambridge University. This announcement of Dr. Kola’s appointment follows that of Dr. Paul Ness, formerly Senior Director of the Division of Transfusion Medicine at Johns Hopkins University, earlier this year.