Ohio’s Nephroceuticals looking to raise up to $4M for multivitamin that promotes kidney health

MIAMISBURG, Ohio –Nephroceuticals LLC, which is marketing a daily multivitamin for people with kidney disease, is looking to raise up to $4 million, according to a regulatory filing.

The cash would be used in part to repay $845,000 in loans, according to the document. Nephroceuticals would like to raise a minimum of $1 million and a maximum of $4 million.

The company sells multivitamins under the brand ProRenal. The vitamins contain nutrients “proven to provide important advantages to people with kidney disease,” such as vitamin D and iron, according to the company’s Web site. The vitamin comes in two versions: one with fish oil and one without.

Nephroceuticals began shipping its products in the summer of 2009 and posted $250,000 in sales in its first two months, the Dayton Business Journal reported. The company hopes to hit $3 million in sales this year and $20 million next year, according to the report.

Nephroceuticals was founded by two partners in a Dayton accounting firm, Dave Brixey and Doug Meyer, and kidney doctor John Wigneswaran. Brixey didn’t immediately return a call.

The company has not previously filed any fund-raising notices with the Securities and Exchange Commission.

Chronic kidney disease can lead to a host of complications, including high blood pressure, anemia, weak bones, poor nutritional health and nerve damage, according to the National Kidney Foundation. The disease can eventually lead to kidney failure, which requires dialysis or a kidney transplant to maintain life.