Quanta Dialysis Technologies has announced that it has raised US$245 million in an oversubscribed and upsized Series D financing round—the largest private funding round for a dialysis device company in history, according to a press release from the firm—which will be used to accelerate commercialisation of its SC+ portable haemodialysis system.
“We are delighted to attract such a strong syndicate of investors, which represents a clear vote of confidence in our innovative approach to dialysis treatment,” said John E Milad, CEO of Quanta. “Everybody knows that dialysis care must improve. For this to happen, providers and physicians need products that allow greater flexibility to bring dialysis directly to the patient, while simplifying complexity and reducing the overall cost of care. Our small, simple-to-use, and powerful dialysis system, SC+, is positioned to help transform kidney care. The funding we are announcing today will allow us to accelerate our emergence as a significant force in this market.”
The Series D financing round was led by Glenview Capital and co-led by Novo Holdings, with support from a broad group of other top-tier investors, including BlackRock, Eldridge, Sands Capital, Millennium Management, Monashee Investment Management LLC, Puhua Capital, Segulah Medical and Ancora, alongside Orlando Health, an integrated delivery network. Existing shareholders also participated in the round, including Wellington Partners, Btov, Seroba Life Sciences and The Grands.
This funding, the company claims, will allow Quanta to scale up global operations with a focus on the USA, where the SC+ received 510(k) clearance from the US Food and Drug Administration (FDA) in December for use in acute and chronic care facilities. The company is investing in “significant infrastructure” to scale up manufacturing, sales and customer service functions to support use in currently approved care settings within the USA, while also preparing to launch a study to support its future FDA clearance for in-home use in the USA.
Lee Hathaway, partner and co-head of Healthcare at Glenview Capital, and Robert Ghenchev, senior partner at Novo Holdings and head of Novo Growth, will be joining the Quanta Board of Directors as well.
Quanta’s award-winning portable haemodialysis system, SC+, is the only next-generation system that delivers the performance and dose equivalence of larger, traditional dialysis systems—with on-demand dialysate production and high dialysate flow rates—while also offering the portability, digital connectivity and ease-of-use of a next-generation dialysis device, according to the company’s release.
“Innovation in kidney dialysis has been stagnant for too long—but the demand from patients, doctors, healthcare providers and payors for new, better and more flexible solutions is impossible to ignore,” said Johan de Ruiter, chairman of Quanta. “We are excited to scale up our operations, enabling us to provide access to this critical new technology that will save lives, improve patients’ quality of life and lower healthcare costs.”