· Fundraise is the largest pre-Series A financing round by a medtech startup in Southeast Asia
· New funds will be used to submit CE-mark filing of av-GuardianTM in preparation for global commercialization and to complete ongoing international clinical trial
· Accuron MedTech leads investment into Advent Access’ dialysis-disrupting technology
Advent Access (Advent), one of Singapore’s most innovative medtech companies, today announced that it has closed a pre-Series A financing round, having raised S$2.6 million in investments and collaboration to advance the development and commercialization of its patented av-GuardianTM technology for vascular access in dialysis patients. The financing was led by Accuron MedTech (Accuron), the largest medical device company in Southeast Asia.
The investment was made through the Med Tech Alliance, an accelerator appointed by Singapore’s SPRING SEEDS Capital to facilitate the growth of start-ups in the local medtech industry.
Peh Ruey Feng, Founder and Chief Executive Officer of Advent Access, said: “We are excited to have Temasek-backed Accuron MedTech onboard. Abel and the Accuron team bring deep experience in growing technologies from Asia, breadth in accessing international markets and financial depth in nurturing startups that will set us apart regionally and internationally. Advent Access is now well equipped to accelerate the development of av-GuardianTM and tackle some of the most pressing needs in end-stage renal disease. Working closely with Accuron, we look forward to unlocking the future of independent dialysis.”
Vascular access is essential for patients undergoing dialysis, providing a reliable site where the bloodstream can be easily accessed for each procedure. However, placing dialysis needles is often the most stressful part of the treatment. If the needles are not well placed, complications can arise and dialysis is inadequately performed. It is the most common cause of hospitalization in patients suffering end-stage renal disease, directly impacting the cost efficiency of the treatment and the quality of life of patients.
Advent Access has developed the av-GuardianTM, an award-winning device-guided needling platform that engineers a high-quality tissue track to enable reliable and less-painful vascular access to the arteriovenous fistula (AV fistula) commonly used by dialysis patients.
The av-GuardianTM is the world’s first medical device to pioneer the concept of a “guardian guide-door” to the AV fistula that is non-invasive to the vessel, significantly reducing wear and tear on the dialysis patient’s vein and resulting in a reduction in hospitalization and surgery. The funds raised will be used to advance av-GuardianTM towards a filing for CE mark registration within the next 18 months, a major milestone in making the device available to patients globally.
Advent is a spin-off from the Agency for Science, Technology and Research (A*STAR). The company has been working with ETPL, the commercialization arm of A*STAR, in technology productization and clinical validation.
Abel Ang, Group Chief Executive of Accuron MedTech, commented: “We are excited to lead the pre-Series A investment in Advent Access given the company’s strong progress and potential to transform and optimise how care is provided to patients in the S$100 billion global dialysis market. As Southeast Asia’s largest medical device company, this investment reflects our continued belief in Asia’s vibrancy as a hub for disruptive healthcare technologies to develop and thrive. Our investment in Advent Access is Accuron MedTech’s tenth transaction in building a strong portfolio of the most promising innovations which can make a significant difference to healthcare outcomes in Asia and around the world.”
Results from a recently completed clinical study of av-GuardianTM showed that the device is safe, achieves its clinical performance and can be considered a significant support for chronic dialysis patients.
The study was conducted in Singapore with Singapore General Hospital, National University Hospital, and supported by National Kidney Foundation. Advent will publish the full study results in early 2018. A second clinical study has commenced and is recruiting patients internationally.