Ivenix raises $42m for drug infusion technology

Drug infusion device developer Ivenix said today it closed a $42 million round of equity financing to support the company’s efforts to enter the global drug infusion market.

Ivenix is developing an infusion management system for hospitals that will combine an information technology interface along with an adaptive fluid delivery platform, the company said. The company hopes the system can address medication errors that occur due to outdated technology and other issues.

To reduce the number of errors, the company said it is designing a new pump delivery system for medications, a smartphone-like user interface for attendants and an information technology system that will save the infusion data to the patients electronic medical record, as well as making the data available for analytics and reports.

“The Ivenix Iinfusion management system is designed to address all the major pain points that exist with older systems. Our team has completed hundreds of hours of testing, and we’re on track to deliver a system that not only fully adheres to the current FDA guidelines, but is also cost-effective,” co-CTO Jesse Ambrosina said in prepared remarks.

The rounds was led by newly invested WuXi Healthcare Ventures and joined by Cardinal Partners, CICA, Inc., Easterly Capital, Fidelity Biosciences and SCP Vitalife Partners, Amesbury, Mass.-based Ivenix said. Leerink Partners acted as the placement agent for the financing.

“Over the past few years Ivenix has assembled a world class development team that is passionate about saving lives and sees tremendous opportunity to increase safety, ease-of-use and help improve patient outcomes. From the start, we worked closely with nurses and other key stakeholders to understand their workflow and priorities. Those conversations have allowed us to develop a completely fresh, fully-integrated infusion management system – designed to prevent the errors inherent in currently-available systems, and enable clinicians to spend more time on what really matters – patient care,” co-CTO George Gray, said in a press release.

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