Switzerland's NovaShunt has raised about $25 million in a Series B preferred share financing round co-led by BioMedInvest, Entrepreneurs Fund and Capricorn Health-tech Fund. Existing investors NeoMed and VI Partners also participated in the financing, and NeoMed retains its role as the lead investor and largest shareholder.
NovaShunt is completing enrollment in the PIONEER Study, a prospective, multi-center, open-label trial designed to evaluate the safety and performance of the ALFApump System in eliminating the need for paracentesis, the standard therapy for patients with refractory ascites. The system is designed to continually remove excess abdominal fluid, known as ascites, in patients suffering from liver cirrhosis, certain cancers and congestive heart failure. The number of patients suffering from ascites is growing due to the accelerating incidence of hepatitis and obesity-related liver disease, according to a NovaShunt statement.
"This is a significant milestone for NovaShunt," explains Noel Johnson, CEO and co-founder of NovaShunt. "Fluid overload in ascites and other indications is an area of significant unmet clinical need and represents more than a $1 billion market opportunity for NovaShunt's proprietary technology. Our clinical experience to date has demonstrated that the ALFApump System is safe and highly effective. This financing enables NovaShunt to embark on European commercialization and to conduct clinical studies in the U.S."
- see the NovaShunt release