WARRENDALE, Pa., March 8 /PRNewswire/ -- Renal Solutions, Inc., the exclusive provider of advanced sorbent hemodialysis products and services, announced today that it closed a $16.5 million Series B financing round. The round was led by new investors Triathlon Medical Ventures and PA Early Stage Partners, who were joined by several current investors including Birchmere Ventures, Blue Chip Venture Company, and Draper Triangle Ventures.
"This financing provides us with the capital necessary to introduce the Allient(R) Sorbent Hemodialysis System to the acute and chronic dialysis markets and to conduct clinical trials for the home market once we receive FDA approval," said Peter M. DeComo, Chairman and CEO of Renal Solutions. "We are very pleased with this vote of confidence from our anchor investors and delighted to welcome our new investors."
Suzette Dutch, Managing Partner of Triathlon Medical Ventures, said, "We believe Renal Solutions' innovative technology and strong management team are poised to provide attractive returns by transforming the clinical care model for patients affected by renal failure. We look forward to working with the entire investor group to further assist the successful commercialization of this revolutionary technology."
It was also announced that Renal Solutions will present at the SG Cowen & Co. 25th Annual Health Care Conference on Tuesday, March 15, 2005, 8:30 AM, at The Boston Marriott Copley Place in Boston, MA. Mr. DeComo will present an overview of the Company and its plans for the commercialization of the Allient(R) System. The conference will host over 250 companies highlighting some of the most attractive investment opportunities in the health care sector.
About Renal Solutions, Inc.
Renal Solutions, Inc., a medical device and health-care service company, is developing a revolutionary technology/service solution for the home and acute dialysis market and has a distinct competitive advantage as the exclusive provider of dialysis products and services utilizing sorbent-based toxin removal technology. Using sorbent dialysate regeneration and a unique pressure controlled blood movement system, new flexibility is provided in the home and clinical environment. The Allient(R) Sorbent Hemodialysis System requires only 6 liters of tap water. This capability eliminates the need for complex technology to create a purified water source as with conventional dialysis technology. The Allient(R) System is transportable and can be used anywhere 115V power and tap water can be accessed. Renal Solutions is a privately held company focused on providing revolutionary products and service for renal failure patients that improve quality of life and aide in the reduction of total treatment cost. The Allient(R) System is pending FDA 510(k) clearance.
This press release contains forward-looking statements, which if not based on historical facts, involve risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company's control. Events which could cause results to differ include, failure to meet on-going developmental and manufacturing timelines, changing GMP requirements, the need for additional capital requirements, risks associated with the FDA/regulatory approval process, adverse changes to reimbursement for company products/services and delays with respect to market acceptance. Other risks may be detailed from time to time but the Company does not attempt to revise or update its forward-looking statements even if future experience or changes make it evident that any projected events or results expressed or implied therein will not be realized.
Renal Solutions, Inc.