Outset Medical has raised a $76.5m in a Series C funding round that it plans to use to extend the use of its portable kidney dialysis system.
A new investor, funds advised by T. Rowe Price Associates, led the round that also involved the participation of existing investors such as investors Fidelity Management & Research Company, Partner Fund Management, Warburg Pincus, Perceptive Advisors and The Vertical Group.
The company will use the funding to expand the commercial introduction of the Tablo hemodialysis system in acute and chronic care markets in the US.
Tablo hemodialysis system has secured CE mark approval, as well as achieved clearance from the US Food and Drug Administration for use in acute and chronic care settings.
In addition, the Tablo is being tested in an IDE trial to expand its labeled indication to include home use.
Claimed to be the first new dialysis system to be launched in the US market in more than 15 years, the Tablo system provides flexibility to be used in a range of clinical settings ranging from dialysis clinics to hospitals and skilled nursing facilities.
The system includes advanced features such as sensor-based automation, wireless data transmission and an easy touchscreen interface, helping to deliver dialysis effectively with reduced costs in settings such as hospitals and extended care facilities.
Tablo is also a self-serve dialysis model, which enable patients to set up and monitor their own treatment independently without depending on clinic staff.
In addition, Tablo is said to connect to directly to regular tap water and generate streaming dialysis fluid in real-time, while the patient is dialyzing.
Outset Medical CEO Leslie Trigg said: “Physicians and patients are excited about our technology, which meaningfully upgrades the patient’s treatment experience and offers a new avenue for cost reduction in a historically labor-intensive, infrastructure-intensive area of healthcare.
“This funding will provide the resources needed to scale our launch and brings us a step closer to making a significant and lasting impact on dialysis care.”
Image: Outset Medical has secured funding to expand the commercial introduction of Tablo portable kidney dialysis machine. Photo: courtesy of dream designs / FreeDigitalPhotos.net.