Photo: Sebastian Kaulitzki/Science Photo Library/Getty Images
Madison Scientific, also known as MadSci, announced it secured an additional $3 million in seed funding, adding to its $7 million financing round co-led by WARF Ventures and two other investors, bringing its total oversubscribed seed funding round to $10 million.
Heinz Ventures, mHUB Ventures, Endeavor Health Ventures, Princeton Alumni Angels, Stateline Angels, Central Illinois Angels, Impact Foundation, Isthmus Project, the MedTech Angels and other investors participated in the round.
WHAT IT DOES
MadSci's SmartShunt System is being created to help patients with hydrocephalus and other neurologic conditions by reducing shunt failure and increasing diagnostic capabilities.
Hydrocephalus, also called water in the brain, is when a build-up of fluid occurs within cavities deep within the brain. The excessive fluid can cause brain damage by putting pressure on the brain. The condition is most common in older adults and infants.
Treatment for hydrocephalus often includes a surgically implanted tube (shunt) into a ventricle to drain the excess fluid.
Shunt malfunction and failure rates, however, are high, with about 40% to 50% of the pediatric population and about 30% of adults experiencing malfunction or failure after placement, according to a study published in Cureus: Journal of Medical Science.
MedSci's SmartShunt Hydrocephalus Management System is currently in development. The company says the offering aims to reduce the number of shunt failures by integrating diagnostic and therapeutic functions to enable personalized hydrocephalus management.
The company will use the funds for product development and to expand its workforce and preclinical experience.
"The enthusiastic support from investors has surpassed our expectations and underscores widespread confidence in our technology and strategy," Dr. Tyler Wanke, CEO of MadSci, said in a statement.
"We are grateful for our investors' continued support and confidence in our ability to execute on an ambitious vision to deliver innovative solutions for patients with hydrocephalus and their families."
MARKET SNAPSHOT
Other companies in the healthcare technology space working to help patients with hydrocephalus include Kitea Health, which provides an implantable micro-sensor that monitors intracranial pressure for conditions like hydrocephalus.
Rhaeos offers FlowSense, which assesses hydrocephalus shunt flow and transmits that data to a mobile app.
HydroAssist, developed through Johns Hopkins, Cincinnati Children's and the Hydrocephalus Association, offers a free mobile app that allows patients to track their treatment history, shunt details, symptoms and imaging.
