Surgical implant for dialysis company seeking up to $10 million for series B round

A medical device company that has developed a surgical implant to create fistulas for hemodialysis […]

A medical device company that has developed a surgical implant to create fistulas for hemodialysis patients is gearing up for a series B financing round that seeks to raise $8 million to $10 million.

Bioconnect Systems CEO Adam Dakin told MedCity News in a phone interview that the fresh capital would take the company through clinical trials, U.S. regulatory approval  and commercialization. The Ambler, Pennsylvania-based company’s Optiflow Vascular Anastomotic System is designed to enhance a surgeon’s ability to create precise vascular connections, aiding the creation of an arteriovenous fistula for vascular access in hemodialysis patients.

The Centers of Medicare and Medicaid Services have been strong advocates for fistula dialysis access and launched the Fistula First initiative in 2003. It described the procedure as “the ‘gold standard’ for establishing access to a patient’s circulatory system to facilitate dialysis.

Although catheters are widely used with dialysis, they are associated with a greater risk of infection. In a recent survey of Pennsylvania hospitals they were one of the top sources of hospital-acquired infections — something healthcare facilities are aggressively trying to reduce.

“[Fistulas] last longer, need less rework and are associated with lower rates of infections, hospitalization and death for Medicare beneficiaries than other types of access,” said CMS administrator Dr. Mark B. McClellan on the Fistula First website.

Dakin noted that one challenge with the procedure has been that outcomes “vary greatly.”

He said: “One of the goals of [our] device is to create more consistent, more repeatable results.”

The company received a $500,000 investment from Ben Franklin Technology Partners of Southeastern Pennsylvania last year. Cardinal Partners and Fidelity Biosciences have also invested in Bioconnect Systems — each have a seat on the company’s board.

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