AMESBURY, Mass.--(BUSINESS WIRE)--Ivenix, Inc., a medical technology company developing the next generation infusion system, today announced it has closed on the first tranche of a $50 million round of equity financing for its new technology platform, the Ivenix Infusion System. This funding will allow the company to pursue FDA clearance and quickly expand its team for commercial launch. The remaining tranches will be funded upon the attainment of regulatory milestones and satisfaction of other conditions.
The financing was led by two new undisclosed investors, as well as participation from existing investors F-Prime Capital Partners and WuXi Healthcare Ventures, among others.
“A number of factors are fueling investor interest in Ivenix, including the lack of innovation in the market, and the incidence of errors in infusion administration,” said Stuart Randle, Chief Executive Officer of Ivenix. “Our system represents a complete redesign of the infusion pump from the ground up, with fully integrated technology to support interoperability and improved safety and performance.”
The Ivenix Infusion System brings the power of an advanced information technology platform to provide immediate, secure access to patient-specific infusion and pump management information, available at the place and time decisions are made. An intuitive user interface guides users through interactions with the pump, much like a smartphone. Combined with a fundamentally new pump technology designed for accuracy and efficiency, the system takes a comprehensive approach to the market challenges of large volume infusion delivery and management.
“The demand for an innovative infusion system in healthcare is evident, and we are proud to support Ivenix as the trailblazer working to bring a truly revolutionary solution to this underserved market,” said Ketan Patel, MD, partner with F-Prime. “Moreover, infusion pumps represent a $6 billion global market and offer significant opportunities for a high-performance infusion system that can meet the challenges of healthcare today, while providing the infrastructure to support the emerging technologies of tomorrow.”
“The Ivenix team is committed to patient safety and to taking the lead in bringing large volume infusion delivery into the modern world of connected healthcare,” Randle added. “The Ivenix Infusion System is poised to transform infusion therapy. We are looking forward to building our commercial team and bringing the system to market following FDA clearance.”
Ivenix, Inc. is a medical technology company with a vision to transform infusion therapy in every care setting. Technology within the infusion pump category has been slow to evolve despite an increase in the complexity of drug dosing regimens, demand for hospital EMR integration, and persistent patient safety issues.
Ivenix is focused on bringing its first solution to market, a new and innovative infusion system for hospitals. The company is headquartered in Amesbury, Massachusetts. For more information, please visit www.ivenix.com.
The U.S. FDA has not yet reviewed the Ivenix Infusion System.