Sonavex, a medical device company in Baltimore, has raised $3 million to push the firm through the regulatory approval process for its device to detect blood clots.
The round was led by Grey Sky Venture Partners with investments from CRCM Venture Capital, TEDCO, the Abell Foundation and individual private investors. The round includes $2.2 million in equity and a Small Business Innovation Research grant from the National Science Foundation worth $750,000.
In response to strong interest from investors, the company plans to raise an additional $1.3 million.
"This institutional financing will really enable us to take our work to the next level, grow our team and make sure we have the financial bandwidth to meet our next milestones," said Sonavex CEO David Narrow.
Spun out of Johns Hopkins in 2013, Sonavex's EchoSure device uses ultrasound to detect blood clots as they form in blood vessels after surgery.
The approach allows medical professionals to identify and address blood clots, a costly surgical complication, sooner than conventional methods, which typically identify clots as they begin to affect a patient's tissue.
The new funding will support Sonavex's efforts to seek approval for EchoSure from the U.S. Food and Drug Administration, a necessary step to sell the device to doctors and medical centers.
Following regulatory approval, Sonavex plans to conduct clinical studies to further validate the technology, Narrow said.
In the future, Sonavex plans to pursue other applications for its technology that would expand the uses of ultrasound in improving the outcomes of medical procedures and reducing costs associated with complications, he said.
Sonavex currently has seven full-time and part-time employees. With the new funding, Sonavex plans to expand its team to about 10 people by this time next year.