Sonavex Attracts $15 Million in Series A-2 Funding

Sonavex Inc. is significantly more solvent, having closed a $15 million Series A-2 financing round that attracted a variety of new investors, including Unorthodox Ventures, GenHenn Capital, JSTAR Capital, Oakwood Circle Ventures, Riptide Ventures, and Partners Investment. Existing shareholders and industry veterans in vascular and dialysis also are supporting the company.

A portion of the proceeds from this financing will support continued evidence development of Sonavex’s EchoMark and EchoSure technologies, particularly its 304-patient randomized controlled trial, MAFASA (Maturation of Arteriovenous Fistula with Automated Sonography Assessments), which is currently enrolling patients. The firm’s EchoMark and EchoSure technologies enable medical professionals to collect essential vascular parameters in the dialysis clinic to support AV fistula maturation assessment.

“This fundraise represents the culmination of the extraordinary multidisciplinary team effort over the past several months,” Sonavex CEO David Narrow said. “The team’s ability to secure strong clinical data, a new CPT code, FDA IDE approval for the MAFASA pivotal trial, and grant funding to support FDA clearance of our pipeline product in a short period of time was instrumental in attracting the financing.”

EchoMark is a highly echogenic, bioresorbable polymeric implant, manufactured using a patented technique and used for marking soft tissue sites in surgical patients. EchoMark uses a proven bioresorbable polymer with a long history of use in sutures and medical devices that dissolves within 18 to 24 months. EchoMark’s design yields a unique 2D cross-section and geometric signature for each angle from which it is viewed.

EchoSure is designed to collect arteriovenous fistula volumetric flow rate, diameter, and depth information at the dialysis clinic to assist with maturation assessment. When operated by dialysis technicians and nurses without ultrasound training, EchoSure demonstrated equivalent or better accuracy with less variability compared to standard Duplex ultrasound operated by trained RVTs in a prospective, head-to-head benchtop study.¹

Sonavex, Inc. is a Baltimore-based medical device company originally spun out of Johns Hopkins. The company has developed a portfolio of ultrasound solutions that empower patient care by delivering critical visual and quantitative data to improve outcomes and reduce costs.

Reference
¹ Calotta NA, et al. Automated 3D ultrasound enables novice users to measure arteriovenous fistula maturation parameters with comparable accuracy to conventional duplex by trained sonographers: Results of a benchtop study. Journal of Vascular Access. Mar 2022