CytoPherx drums up $11.7 million for dialysis development
CytoPherx Inc. raised $11.7 million for the development of a device that filters the blood of kidney-disease patients.
The Ann Arbor, Mich.-based company is creating hollow-fiber dialysis filters, which doctors use to isolate and deactivate white blood cells in a patient's circulatory system. The company focuses on treating diseases and conditions such as renal failure and inflammation caused by cardiopulmonary bypass surgery.
It is likely that the funding will go towards clinical trials of its filtration system.
The fund-raise comes in the form of equity, debt and options, and was sourced from five investors. The first sale occurred on June 11, according to a regulatory filing.
CytoPherx is a portfolio company of Apjohn Ventures, a Kalamazoo-based venture capital firm. Other investors include Lurie Investments, NorthCoast Technology Ventures and Diamond Capital.
CytoPherx is a University of Michigan spinoff that was founded in 2007. It was previously known as Nephrion Inc.
CFO Mark Morsfield didn't immediately return a call.