AUSTIN, Texas, June 10, 2013 /PRNewswire/ --TVA Medical, Inc. (TVA Medical), a medical device company developing minimally invasive therapies for End-Stage Renal Disease (ESRD), announced today that it received $9.5 MM in Series B financing. S3 Ventures led the round and was joined by TriStar Technology Ventures and existing investor, Santé Ventures. The funding will be used to further validate the Company's endovascular technology and complete additional clinical studies to support worldwide regulatory approvals.
TVA Medical is developing a minimally invasive catheter-based system that allows physicians to create an arterio-venous fistula (joining an artery to a vein) to deliver hemodialysis to patients suffering from kidney failure. "The results to date suggest that durable arterio-venous fistulas can be safely and reproducibly created without surgery. The potential to significantly improve care for renal failure patients while decreasing the cost of dialysis delivery is substantial," said William (Billy) E. Cohn, MD, Founder of TVA Medical, and Director of Minimally Invasive Surgical Technology at the Texas Heart Institute at St. Luke's Episcopal Hospital in Houston, Texas. The technology is being studied outside of the United States and is currently not available in the U.S. The Company intends to seek Food and Drug Administration clearance in the future.
"Over two million patients worldwide receive chronic hemodialysis therapy and this population is growing at 8% per year. TVA Medical's technology addresses a significant unmet medical need and has the potential to change the way hemodialysis patients are treated," said Brian R. Smith, Managing Director at S3 Ventures.
The surgical arterio-venous fistula (AV fistula) is the current gold-standard, but this form of access is plagued by high failure rates and frequent revisions resulting in enormous healthcare cost. "A percutaneous AV fistula system has the potential to improve patient outcomes and drive cost out of the healthcare system," said Gerald A. Beathard, MD, PhD, pioneer of interventional nephrology from Houston, TX.
"The U.S. healthcare system spends over $47 billion annually to treat end-stage renal disease, and despite the tireless efforts of healthcare providers, only 51% of dialysis patients are still alive three years after starting therapy. As a medical device company we believe there is an opportunity to improve outcomes for these patients while reducing healthcare costs," said Adam L. Berman, CEO of TVA Medical. The market opportunity for TVA Medical's technology exceeds $1 billion annually.
About TVA Medical
TVA Medical, Inc., headquartered in Austin, Texas, is developing minimally invasive therapies for end-stage renal disease, including a catheter-based AV fistula system. The company was founded in 2008 by serial medical device entrepreneur and cardiovascular surgeon William (Billy) E. Cohn, MD, company CEO Adam L. Berman, and Santé Ventures. www.TVAMedical.com
About S3 Ventures
S3 Ventures is an earlier stage venture capital firm with $170 million under management. The firm is focused on information technology solutions that solve large business problems, and invests in medical devices that improve the human condition. S3 primarily invests in the formative stages of a company and helps talented entrepreneurs take their technology and market knowledge and form valuable businesses. Investment sizes range from several hundred thousand for a seed round to millions for a traditional Series A or B financing. www.s3vc.com
About Santé Ventures
Santé Ventures is a life sciences venture capital firm that invests exclusively in early-stage companies developing innovative new medical technologies or healthcare delivery models. The firm was founded in 2006 and has $262 million in capital under management in two funds. For more information, please visit www.santeventures.com.
About TriStar Technology Ventures
TriStar Technology Ventures is an early-stage venture capital firm that forms and invests in companies across the spectrum of healthcare innovation: life sciences, diagnostics, medical devices and technologies, healthcare IT and healthcare services. TriStar's mission is to identify, create and grow early-stage, transformative healthcare companies primarily focusing on emerging technologies from universities and research institutions in the Southeast and beyond. For more information, visit www.tstventures.com.
SOURCE TVA Medical, Inc.