TransMedics, a US-based medical device producer focused on making the transport of organ transplants safer, has closed a $51.2m funding round co-led by pharmaceutical firm Pharmstandard International.
Pharmstandard, which participated through its InBio Ventures unit, co-led the round alongside Fayerweather Fund, Ervington Investments and BioStar Ventures. Biotechnology company Lung Biotechnology PBC, Abrams Capital, Flagship Ventures and Kleiner Perkins Caufield & Byers also took part.
Founded in 1998, TransMedics has created a warm blood perfusion system for the transport of organs. The technology enables organs to keep functioning outside of the body and makes it possible to transport a heart after its donor has died of circulatory death.
Using a heart post-mortem following anything but a brain-stem death is not currently possible with traditionally used coolers as it could get damaged during transport. TransMedics’ device helped complete such a heart transplant for the first time in Europe in March 2015.
The technology is used for heart and lung transplants in Europe, Australia and Canada, and TransMedics is conducting clinical trials in the US for heart, lung and liver transplants.
The company has raised more than a combined $240m in equity funding and debt financing to date, according to regulatory filings and press releases. It filed for an $86.3m initial public offering in September 2007, but withdrew its registration in December 2008.
TransMedics’ other investors include Posco Bioventures, a subsidiary of steel conglomerate Posco, as well as Sofinov, Chase Capital Partners, MedEquity Investors, 3i US, CB Health Ventures, Sherbrooke Capital, Novel Bioventures, Alta Partners, Sagamore Bioventures, VantagePoint Venture Partners, Tudor Investment, Foundation Capital and JP Morgan.