Quanta Dialysis Technologies sets funding round record after raising $245 million
Quanta Dialysis Technologies Ltd. has raised $245 million in a Series-D funding round, making it “the largest private funding round for a dialysis device company in history,” according to a press release.
The money raised sets the stage for the company to expand operations globally, according to the release, most notably in the United States where Quanta seeks to accelerate commercialization of its SC+ portable hemodialysis machine. The system, commercially available in the United Kingdom since 2018, received 510(k) clearance from the FDA for use in acute and chronic care facilities across the United States earlier this year.
“We are delighted to attract such a strong syndicate of investors, which represents a clear vote of confidence in our innovative approach to dialysis treatment,” John E. Milad, CEO of Quanta, said in the release.
Led by Glenview Capital and co-led by Novo Holdings, the financing round included support from a wide range of investors, as well as and existing shareholders. The release listed the following as key investors: BlackRock, Eldridge, Sands Capital, Millennium Management, Monashee Investment Management LLC., Wellington Partners and Seroba Life Sciences.
“We are excited to partner with the existing and new shareholders of Quanta to support Management’s commitment to transform and improve the safety, efficacy, cost and convenience of hemodialysis treatment,” Lee Hathaway, co-head of health care at Glenview Capital and in-coming member of Quanta’s board of directors, said. “Quanta’s innovative cartridge-based system is compact, simple, and powerful and provides tremendous value and treatment flexibility for providers and patients across an omni-channel delivery chain, from dedicated dialysis centers, acute care hospitals, and increasingly moving into the home. With this growth capital, Quanta has the resources to drive improved patient outcomes and convenience while accelerating market penetration and scale.”
Soon after SC+ received 510(k) clearance from the FDA in December, Healio Nephrology spoke with Miland, along with Paul Komenda, MD, FRCPC, MHA, chief medical officer of Quanta, to gain specifics on the how the system works and how it can currently be utilized in the United States. Among the features that set SC+ apart, according to Miland and Komenda, are its ease of use, a benefit that was seen in practice during the COVID-19 pandemic when nurses in ICUs across the United Kingdom successfully administered treatments after a few training sessions. That interview can be found here.
“Everybody knows that dialysis care must improve. For this to happen, providers and physicians need products that allow greater flexibility to bring dialysis directly to the patient, while simplifying complexity and reducing the overall cost of care,” Miland said in the release. “Our small, simple-to-use and powerful dialysis system SC+ is positioned to help transform kidney care. The funding we are announcing today will allow us to accelerate our emergence as a significant force in this market.”