The financing includes $10m in debt facility from SWKH, and a $23m Series B round led by Farallon Capital Management
Prometra II implantable, programmable pump. (Credit: PRNewsfoto/Flowonix Medical, Inc.)
Flowonix Medical, a US-based medical device firm focused on advanced, implantable drug delivery solutions has secured around $33m financing.
The financing includes $10m in debt facility from SWK Holdings (SWKH), a specialty finance company, serving small and mid-sized commercial-stage life-science firms.
Also, the company closed a Series B round led by Farallon Capital Management, with participation of several additional new investors, at approximately $23m.
SWK CEO Winston Black said: “We look forward to a long-term and fruitful partnership with Flowonix. The Company’s Prometra II pump precisely delivers consistent dosing accuracy, proving to be an important treatment option for patients.
“We were impressed to see the Company leverage Prometra II’s innovative technology to deliver strong performance through the headwinds of the pandemic and foresee impressive growth over the next few years.”
Flowonix’ Prometra II pump is indicated for intrathecal infusion of drug therapy
Flowonix intends to use the financing to clear the previous venture debt, along with funding its business plan, which includes development of new generation products, production line expansion, and collaborations with pharma companies.
The financing is not only expected to help Flowonix expand into current markets, but also to enhance its targeted drug delivery capabilities for new diseases.
Flowonix has secured multiple patents for its advanced medical device Prometra II implantable, programmable pump, which is indicated for intrathecal infusion of drug therapy.
The therapy includes Infumorph (preservative free morphine sulfate sterile solution), along with preservative-free sterile 0.9% saline solution (Sodium Chloride Injection, USP), and baclofen (baclofen injection, intrathecal, 500-2000 mcg/mL).
Prometra II leverages pressure-driven, valve-gated delivery mechanism to deliver medication into the intrathecal space, said the company.
For the transaction, Colliers Securities served as financial advisor to Flowonix.
Flowonix CEO Steve Adler said: “This influx of capital will allow Flowonix to accelerate its solidly rising growth in both the Chronic Pain and Spasticity markets with the Company’s advanced technology Prometra II Implantable, Programmable Pump.
“This is truly an exciting time in the Company’s 15-year history, as not only did the Company perform at its best through the challenges of 2020, but I anticipate even better performance in 2021 and beyond given our ambitious strategic initiatives.”