AWAK Technologies raised $40 million to continue development of its wearable peritoneal dialysis device, which has received a breakthrough designation from the FDA.
The company will use the proceeds to complete the pivotal clinical trial of the AWAK PD device, strengthen the company’s research and development, and prepare for manufacturing and commercialization of the device, per a press release.
New investors Vickers Venture Partners, a venture capital firm and global medical products company focused on life sciences and technology co-led the investment round, AWAK reported. Other investors included Advanced MedTech and Enterprise Singapore’s investment arm SEEDS Capital.
“Currently, around 3 million people are undergoing dialysis treatment and forced to adapt their lifestyle to the therapy,” Suresha Venkataraya, CEO of AWAK Technologies, said. “AWAK PD aims to provide dialysis on-the-go with maximum convenience and comfort, reducing the time and cost burdens of dialysis for patients and health care systems alike.”
Investigators completed human trials for the AWAK PD in October 2018. The device has been granted breakthrough device designation by the FDA, a designation given to expedite the development and review of disruptive technologies, the company said.
The AWAK PD device incorporates sorbent technology that removes the uremic toxins from spent dialysate and reconstitutes used dialysis fluid into fresh fluid in real-time.