CytoPherx Inc. has raised $5 million of an anticipated $7.5 million Series B round to develop a device that filters the blood of kidney disease patients.
The funding will go toward a clinical trial of the Ann Arbor, Mich. company’s hollow-fiber dialysis filters, which are used to isolate and deactivate white blood cells in a patient’s blood system, CFO Mark Morsfield said. The company is focused on treating diseases and conditions such as renal failure and inflammation caused by cardiopulmonary bypass surgery.
CytoPherx began enrolling patients in the trial last month and expects to complete enrollment by the end of June, Morsfield said.
The lead investor in the round was Diamond Capital Management of Midland, Michigan, with participation by Apjohn Ventures, a Kalamazoo, Mich.-based venture capital firm, and Chicago-based Lurie Investment Fund.
The fundraise comes in the form of equity, debt and warrants, and was sourced from five investors. The first sale occurred on June 11, according to a filing with the Securities and Exchange Commission.
The new funding brings the amount that CytoPherx has raised in its lifetime to $12 million, Morsfield said.
CytoPherx is a University of Michigan spinoff that was founded in 2007. It was previously known as Nephrion Inc.
