Tevosol, an Edmonton-based medical device maker, has closed a $2 million seed-stage financing, bringing total funding to $6.3 million.
The round’s investors were not identified.
Spun out of the University of Alberta in 2015, Tevosol is the developer of the ex-vivo organ support system (EVOSS), which assists surgeons with organ transplantation.
Led by CEO Ron Mills, Tevosol will use the funds raised to complete a proof-of-concept human trial, expand its team, and accelerate development of its portable perfusion device for lungs.
The company said it will next seek financing to support manufacturing, clinical investigation and commercial launch.
Tevosol Closes $2M Seed Round
EDMONTON, Alberta, Aug. 14, 2019 /PRNewswire/ — Tevosol, Inc., an early stage medical device company, today announced it has closed a new round of seed financing for $2 million (CAD). The funds will enable the company to complete a proof-of-concept human trial at the University of Alberta, expand its product engineering and industrial design team, and accelerate commercial development of its portable perfusion machine for lungs.
CEO Ron Mills said: “These funds are already fueling our next exciting phase of development. Tevosol is one big step closer to fulfilling its mission to save lives by increasing the utilization of donor organs and improving transplant outcomes.”
“Many of our investors have shared our vision from the beginning, and without them Tevosol might be just another promising idea in the laboratory,” said Darren Freed, MD, co-founder and chief scientific officer. “We are grateful for their continued support and pleased to welcome several new shareholders this time around.”
Tevosol has raised $6.3 million (CAD) in seed financing to date and will next seek venture funding to support manufacturing, clinical investigation, and commercial launch. Mills said he expects the Alberta prototype trial to end within a month, with a portable device ready for pilot introduction across Canada and FDA pivotal clinical trial within a year.
Tevosol, Inc. is a medical device company developing EVOSS™ (Ex-Vivo Organ Support System). A portable perfusion machine built around the living, working organ at normal body temperature, EVOSS™ will help surgeons recover, resuscitate, transport, evaluate, and transplant more donor organs today and help scientists unlock new sources that will solve the organ shortage tomorrow.