A medical device company with an organ transport system for heart and lungs that could extend the amount of time organs can be kept outside of the body, potentially increasing the number of organ transplants, has raised $36 million.
Andover, Massachusetts-based TransMedics’ sophisticated system is designed so that the heart is beating and the lungs are breathing and are healthy and functioning when they arrive to be transplanted. The transport system is an advancement on the cold storage system currently used by hospitals, a system that some believe makes sensitive organs like lungs more susceptible to damage. The storage device pumps oxygen into the lungs and blood into the heart along with nutrients to maintain function. The device for heart storage is in Phase 2 development in the US. It is commercially available in Europe and Australia. In addition to increasing he number of patients that could get a transplant, it could also improve patient outcomes and reduce healthcare costs.
TransMedics said it could increase the number of transplant procedures done every year, according to a company statement. Currently, more than 2,000 heart transplants are performed in the US each year; 1,400 lung transplants are done in the US annually. Up to 4,000 people are on a waiting list for a heart or heart and lung transplant.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
The financing round was led by Abrams Capital along with existing investors such as Flagship Ventures, Hercules Technology Growth Capital and Kleiner Perkins Caufield & Byers.
