Med-tech financings have continued to decline from 2021's peak when they brought in a combined total of $27.76 billion through April. In the first four months of 2022, that dropped 61.74% to $10.62 billion and this year they have fallen 44.16% to $5.93 billion. Broken out by type of financing, med-tech follow-ons are higher than the same period last year ($2.6 billion in early 2023 vs. $1.73 billion through April of last year).
Sensydia Corp. reeled in $8 million in a financing round to advance its noninvasive Cardiac Performance System (CPS) platform, which uses heart sound analysis to enable earlier detection and better therapy guidance for patients suffering from heart failure and pulmonary hypertension. The funds will be used to finalize product development, acquire tooling, begin manufacturing and make submissions to the U.S. FDA.
In February, Viewray Inc. said it expected to post 25% to 40% revenue growth this year. By April, the company said delays in installations would cut growth to 0% to 15% and it announced it was pursuing strategic alternatives with Goldman Sachs. Less than a month later, on May 10, the company withdrew its guidance entirely citing “the current market conditions and ongoing strategic process.”
Magenta Medical Ltd. has raised $55 million to fast-track the development of the world’s smallest left ventricular assist device (LVAD). The financing round was led by Orbimed Private Investment LLC. With the participation of existing investors, New Enterprise Associates, Pitango VC Ltd. and Alive MS Ltd. “We will use this funding, in particular, to advance the clinical programs in the U.S. towards our first FDA approval,” David Israeli, CEO of Magenta Medical, told BioWorld.
RSS
