A San Jose company working to transform kidney dialysis into a home treatment has raised $60 million to support research and development of its potentially breakthrough medical device.
Outset Medical said on Friday that $45 million was led by return investors Warburg Pincus and The Vertical Group, and the company also secured $15 million from converted warrants.
The company makes miniaturized, lightweight blood-filtering devices that perform kidney dialysis — a process that does the work of the kidneys when the organs malfunction — that’s meant to be simple for patients to use at home. Currently, hundreds of thousands of patients in the U.S. who get kidney dialysis must attend multiple appointments at a clinic each week, where they hook up to big, bulky machines for hours at a time. The treatment often prohibits patients from traveling and working, and imposes the burden of finding transportation to get from their home to a clinic.
Outset Medical says its technology will save money for the patient, the care provider and the entire health care system. The device has FDA clearance for use in clinics and hospitals, but the company is still working for approval in home use and is enrolling patients in clinical trials for at-home use this year.
Image from Outsetmedical.com
