CytoPherx Raises $34 Million Early Stage Venture Capital Round
Ann Arbor, MI - CytoPherx, Inc. has completed a $34 million round of funding co-led by Early Stage Partners, ONSET Ventures, and Capital Midwest Fund. The funds will be used to complete U.S. clinical trials and gain FDA clearance to commercialize the CytoPherx anti-inflammatory therapy for acute kidney injury.
"Mortality of patients with acute kidney injury combined with multi-organ failure and/or severe sepsis requiring Continuous Renal Replacement Therapy is often greater than 50%," said Jim Danehy, President and CEO of CytoPherx. "Our early trials have shown the potential of reducing this by as much as 15%."
CytoPherx founder Dr. H. David
Humes explained that patients in the intensive care unit
(ICU) with kidney injury often experience extreme systemic inflammation, which increases likelihood of death or long term illness and low quality of
life. The CytoPherx treatment – which is
added to the renal replacement circuit - is designed to focus on acute systemic inflammation that is not well
addressed with currently available therapies.
Over 2.7 million hospitalized patients are diagnosed with
acute renal failure (ARF) in the U.S. annually, with approximately 160,000
receiving Continuous Renal Replacement Therapy.
“This represents a multi-billion dollar potential market opportunity for
CytoPherx,” stated Danehy.
“Based on the clinical trial outcomes to date, CytoPherx
is a tremendously exciting company,” said Leslie Bottorff of ONSET
Ventures. “Its therapy has the potential
to dramatically reduce mortality in a group of very ill patients. No other medical innovation has moved the
needle on mortality rates for these patients over the past 20-30 years. Importantly, this therapy also has the
potential to significantly reduce health care costs for a very costly patient
group. In today’s complex health care
environment, this combination of better outcomes and cost-effectiveness is
CytoPherx has recently initiated a 344 Patient Pivotal
Trial with leading nephrologists and medical institutions across the U.S. The primary trial end point is a clinically
and statistically significant reduction in mortality through day 60 in these
critically ill patients. In addition, the trial will evaluate the performance
of the company’s proprietary Selective Cytopheretic Device (SCD) for the
reduction of mortality in severe sepsis patients, reduction of Acute
Respiratory Distress Syndrome (ARDS), and reduction of patients who need
According to Mike Bunker of Early Stage Partners,
“Systemic inflammation is a health problem that goes well beyond the focus of
the initial products from CytoPherx. Over time, the company has the potential
of addressing a broad array of inflammatory disease states that are quite
costly both to quality of life as well as financially.”
In addition to Early Stage Partners, ONSET Ventures and Capital
Midwest Fund, joining the financing are new investors Kaiser Permanente
Ventures Fund, Emergent Medical Partners, Charter Oak Equity, Aphelion Capital,
and existing investors Lurie Investments, Dow/Union Carbide Employee Pension Plans,
Apjohn Ventures and North Coast Technology Investors.
Said Danehy, “Having such a strong syndicate of investors
is very valuable in helping us reach our goal of returning many critically ill
patients to normal, productive lives.”
CytoPherx was founded in July 2007 and is headquartered in
Ann Arbor, Michigan. It is a venture
backed, clinical stage medical device company addressing inflammation-based
diseases and conditions. The company’s
products are custom configurations of a proprietary selective
cytopheresis-based inflammation modulating system.
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Mike Bunker led the investment in CytoPherx and joins the board as an observer