Israeli-Irish medical technology startup WhiteSwell announced that it closed a $30 million series B funding round led by US firm RA Capital Management and InCube Ventures for new methods to treat acute decompensated heart failure (ADHF).
The funds will be used to support product development and a study of the company’s innovative technology for the treatment of ADHF, an episode of worsening symptoms that requires immediate medical attention results in millions of hospitalizations worldwide each year. WhiteSwell developed a method for complete decongestion to remove excess fluid from the lungs and other parts of the body, by targeting the interstitial system, the fluid-filled spaces in connective tissue all over the body that are outside of the vascular system.
The company’s minimally invasive catheter-based approach enhances the natural fluid removal process of the lymphatic system, a network of vessels that permeates the interstitial system to drain excess fluid into the vascular system to achieve interstitial decongestion, WhiteSwell explains, adding that there is no effective treatment currently to directly remove excess fluid from lung and other interstitial tissues.
WhiteSwell also said it appointed a new chief executive officer, Eamon Brady, and chief financial officer, Seán Mac Réamoinn, who formerly served as CEO and CFO of Neuravi, a stroke treatment company acquired by Johnson & Johnson last year. They join WhiteSwell founder and chief technology officer Yaacov Nitzan
“WhiteSwell was founded on insights that arose from our team’s research on the complex fluid dynamics of heart failure patients, leading to the company’s innovative leap in treatment strategy,” said Brady. “This financing is an important milestone that will enable us to tackle an enormous clinical problem that affects millions of families.”
WhiteSwell, founded in 2014, is currently conducting an early feasibility study at clinical sites in the US, Israel and Europe.