Flowonix Medical, an implantable drug delivery device specialist, has raised $33 million in a series B round. The Mount Olive, NJ-based company closed the financing with the help of SWK Holdings.
The specialty finance company provided Flowonix with a $10 million debt facility. The round was led by Farallon Capital Management with the participation of several additional new investors.
Flowonix said it will use the proceeds to replace prior venture debt, plus fund its business plan, including: development of next-generation products, expansion of its production line, and continued collaborations with pharmaceutical companies. Flowonix said this will allow it to not only expand into current markets but also to begin applying targeted drug delivery into new disease states with larger medical markets.
The company has developed the Prometra drug delivery system. Medication is delivered using the Prometra pump, which is implanted under the skin. This means that therapy can be managed by lower doses of medication than if taken by mouth.
Flowonix won a nod from FDA the Prometra II programmable pump in 2019.
"This influx of capital will allow Flowonix to accelerate its solidly rising growth in both the Chronic Pain and Spasticity markets with the company's advanced technology Prometra II Implantable, Programmable Pump,” Steve Adler, Flowonix CEO, said in a release. “This is truly an exciting time in the company's 15-year history, as not only did the company perform at its best through the challenges of 2020, but I anticipate even better performance in 2021 and beyond given our ambitious strategic initiatives.”