EVANSTON, IL, February 16, 2023, To address an unmet need in the treatment of people with hydrocephalus, Rhaeos®, Inc. (Rhaeos), a clinical-stage medical device company, announced the successful closing of USD 10.5 million in Series A funding, led by the Steele Foundation for Hope.
This brings Rhaeos’ total funding to more than $18 million. Follow-on investors, Creative Ventures, and Lateral Capital are among the other round participants. The money will go toward helping the FlowSense® shunt monitor, a cordless, non-invasive thermal sensor that quickly assesses shunt performance in hydrocephalus patients, becomes on sale in hospitals.
The money will also pave the way for better-serving people with hydrocephalus in at-risk areas throughout the world and speed up the development of the company’s pipeline products, which include an at-home version of the FlowSense shunt monitor.
“Our goal is to support technology and innovation to raise living standards. The technology developed by Rhaeos solves a crucial unmet need for people with hydrocephalus, namely how to monitor shunt performance and enhance clinical decision-making, “Joe Exner, CEO of the Steele Foundation for Hope, made the statement. “With the help of our investment, the outstanding team at Rhaeos will be able to increase access to its cutting-edge thermal sensors throughout the world, enhancing the standard of treatment and results for patients with hydrocephalus.”
More than 1 million people in the US have hydrocephalus1, a chronic illness marked by an overabundance of cerebrospinal fluid in the brain. Ventricular shunts, the conventional therapy for hydrocephalus, fail in around 50% of cases during the first two years of implant1. The ground-breaking FlowSense technology, developed by Northwestern University’s renowned John A. Rogers Research Group, is intended to quickly and painlessly monitor shunt performance. The FlowSense device attaches a tiny patch to the skin above the implanted shunt tubing that is about the size of a bandage. Within minutes, vital information on shunt operation is wirelessly provided to a smartphone app, assisting clinical decision-making to enhance treatment regimens.
With the FlowSense shunt monitor receiving FDA Breakthrough Device Designation in 2020, Rhaeos will be able to work closely with the FDA to speed up the market approval procedure. The FDA is now conducting a pivotal trial across many US institutions to examine the FlowSense shunt monitor. In 2023, the business plans to commercially release the FlowSense shunt monitor for use by doctors and their patients.
Rhaeos CEO Anna Lisa Somera, MS, MBA, MPH, stated, “We are enthusiastic about improving the treatment of people living with hydrocephalus.” “We are appreciative of this round of funding that will hasten the release of our novel shunt monitor to considerably enhance the management of failed shunts and quicken the development of our platform technology,”
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