A company that got U.S. Food and Drug Administration approval for its drug-delivery pump for chronic pain, including back pain, earlier this year has raised $25 million to help market the pump in the U.S, according to a company statement.
The company has said it is the first evolution in the pump technology since a device from Medtronic (NYSE:MDT) hit the market 15 years ago.
The financing round for Flowonix, which recently changed its name from Medasys, reflected a mix of new and established investors. It was led by RFT Investment Co. in Atlanta, a new investor. Also joining its backers were OmniCapital Fund, a fund run by the New Jersey venture capital firm Omni Capital that focuses on early growth stage companies, and Clarus Ventures, who has previously invested in the company and is a dedicated life sciences venture capital firm with a long history of creating value across multiple disciplines.
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The fresh capital will also help Mount Olive, New Jersey-based Flowonix develop its drug-delivery technologies.
The pump, which received approval from European regulators in December 2010, uses pressure differentials in order to optimize accurate drug delivery. The pump has no motors or tubing and few movable parts. It is implanted under the skin in the lower abdominal area with a catheter that goes from the pump to the spine. The pump is approved for the delivery of Infumorph, a morphine sulfate sterile solution.
A report published by the Institute of Medicine last year said about 100 million Americans suffer from chronic pain.
Flowonix was founded in 2005 and is led by Steve Adler. Before joining the company, Adler was the executive vice president at Transneuronix until it was acquired by Medtronic in 2005.
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