Flowonix Receives a Further $25 Million in Capital

Flowonix Medical Inc., a Mount Olive, N.J.-based medical device company that produces implantable drug delivery solutions, has received $25 million in new capital.

The financing comes from a group led by RFT Investment Company LLC, an Atlanta, Ga.-based private investment institution. Joining RFT is new investor OmniCapital Fund LP, a venture capital firm based in New Jersey dedicated specifically to helping entrepreneurs build next-generation technology for rapidly growing markets. A number of prior investors also joined this round of financing, including Clarus Ventures, a dedicated life sciences venture capital firm with a long history of creating value across multiple disciplines. Clarus Ventures led the previous financing round.

The capital is intended to fund the next generation of implantable drug delivery products for the United States market. Flowonix will kick off with the Prometra pump, a battery-operated, implantable, programmable infusion pump that delivers Infumorph (a preservative-free morphine sulfate sterile solution) or preservative-free sterile 0.9% saline solution into the fluid around the spinal cord (intrathecal space) through an implanted infusion catheter. Infusion systems such as these are used when more traditional systems prove ineffective or inappropriate. For instance, if oral, intravenous, or topical medicines fail to provide effective pain relief or cause uncomfortable side effects in patients with chronic pain, the device would then be used.

“The FDA [U.S. Food and Drug Administration] approval of our Prometra pump is a major milestone that enables us to be a significant contender in the implantable drug delivery space,” said Steve Adler, president and CEO of Flowoni. “A portion of this investment will advance ongoing research and development of our next generation products. We are pleased that the investors endorse our positive outlook of the future,”

Flowonix was founded in 2005 as Medasys. The Prometra pump gained FDA approval this year.