Sonavex, Inc. Raises $1 Million to Advance its Ultrasound-based Clot Detection Device
Baltimore, MD (September 14, 2015) – Sonavex, Inc., a privately held, Baltimore-based medical device company spun out of Johns Hopkins announced today that it has raised $1 million to advance development of its ultrasound-based technology to detect potentially catastrophic post-operative clots. The company has received Small Business Innovation Research (SBIR) grants from the National Institutes of Health and the National Science Foundation, support from
the Technology Development Corporation (TEDCO) and closed a seed round of private financing in August 2015.
The seed round includes support from the Abell Foundation and the Blue Jay Syndicate, among other investors. This raise will drive pre-clinical testing and commercialization of Sonavex’s initial product.
Sonavex was founded in 2013 to develop a novel way to harness ultrasound technology to detect clot formation prior to devastating and costly surgical failures across a variety of surgical disciplines. Undetected clots lead to severe morbidity and cost hospitals upwards of $55,000 per instance. Early detection of these clots enables surgeons to intervene prior to a complication. "Earlier detection of post-surgical blood clots has been an unmet clinical need for decades and has the potential to have a major impact on patient outcomes", said Devin Coon, MD, MSE, surgeon and President of Sonavex.
The company has taken a novel approach to this major clinical problem by enabling Doppler ultrasound quantification of blood flow via an implantable tissue marker. For the first time, surgeons will be able to see inside the at-risk vessels and assess critical flow metrics to inform their patient management strategy.
The funding has allowed for Sonavex to expand its team, including a critical new hire, Dr. Xin (Ben) Kang as Director of Research & Development. Dr. Kang, formerly at Siemens, brings 10 years of image processing experience and will collaborate closely with Sonavex co-founder and Johns Hopkins professor Jerry Prince, PhD.
Sonavex’s CEO, David Narrow, was selected to present at the Innovation Showcase at AdvaMed 2015 on October 7. The Innovation Showcase features the most promising, innovative, emerging growth MedTech companies.
Sonavex, Inc. is a Baltimore-based medical device company spun out of Johns Hopkins. The company is dedicated to providing novel ultrasound solutions to visualize and quantify critical data for improved outcomes and reduces costs in new surgical applications. Sonavex developed EchoSure to detect blood clots after surgery to prevent catastrophic surgical failures. For more information, please visit www.sonavex.com.
Phone: (443) 797-2584