Carmel, Indiana – May 3, 2017 – FAST BioMedical, Inc. today announced it has secured $8 million of additional financing. $5 million comes from a Series A2 Financing led by one new investor, F&M Investment Office. This financing augments $3 million of grant funding received as a competing renewal award from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health. The proceeds will primarily be used to advance clinical trials of the company’s technology as well as to hire additional talent and advance the company’s global patent portfolio.
“This financing is an important and validating step to continue our progress,” said Joe Muldoon, FAST BioMedical Chief Executive Officer. “We have already begun adding talent to the team, and are excited about their ability to immediately add value”.
“FAST BioMedical has enormous potential to serve large unmet medical needs with its innovative technology,” said Mr. McClure, President of F&M Investment Office. “We are delighted to partner with them, and see great promise in the ability to favorably impact critical patient care.
About FAST BioMedical
FAST BioMedical is a private, clinical-stage medical technology company in Carmel, Indiana. The company’s globally patented first-in-class technologies directly measure blood volume and kidney function in a clinically viable way. This has the potential for profound impact on care of congestive heart failure, major surgery, sepsis, critical care, and kidney disease patients. The company has been financially supported by the NIH, Elevate Ventures, the Indiana 21st Century Fund, Rose-Hulman Ventures, BioCrossroads, Indiana University Medical Group, The Purdue Foundry Fund, Ellipsis Ventures, StepStone Partners, and private family office investors. The FDA has determined the company’s technology met the requirements for an Expedited Review. These products are investigational and not yet approved for human use.
For more information, please visit www.FASTBioMedical.com
Related Topics: Acute Kidney Injury (AKI), Kidney Disease (CKD), Kidney Function, Kidney Function Tests, Joe Muldoon, Plasma Volume Status, Family Offices, FAST BioMedical Press Release, Food and Drug Administration (FDA), National Institutes of Health (NIH)