Flowonix Medical, formally known as Medasys, drew in $25 million in fresh investment that the company will use to bring its Prometra implantable drug delivery pump to market.
The Mount Olive, NJ company passed a major milestone with the FDA in February when it obtained pre-market approval for the programmable pump, back when the company still had the Medasys name. Plans called for using the new cash infusion to support the product's U.S. market launch, but also to fuel additional development of other drug delivery devices.
The company says it advances on previous implantable drug pump technologies developed by Medtronic ($MDT) and others by using "pressure differentials" to boost drug delivery accuracy, all without motors or tubing, and with few moving parts. Prometra delivers pain medication through a catheter from the device itself into the spine, and manages dosing variations based on factors including temperature, pressure and how much of the drug remains in the pump reservoir, the company has said.
New investor RFT Investment Company led the company's latest funding round, along with OmniCapital Fund. Existing investors, including Clarus Ventures, also participated.
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