June 23 (Reuters) - Britain-based Quanta Dialysis Technologies, maker of portable dialysis machines, said on Wednesday it had raised $245 million in a Series D funding round led by hedge fund Glenview Capital and life sciences-focused investment firm Novo Holdings.
Quanta’s SC+ portable hemodialysis system received U.S. Food and Drug Administration approval in December for use in acute and chronic care facilities.
The company said the funding will allow it to scale up manufacturing, sales and customer service functions to support use of its hemodialysis system in the United States and help prepare for a clinical study to support future regulatory approval of at-home use.
According to the United States Centers for Disease Control and Prevention, more than 500,000 people in the United States are on dialysis, a process of mechanically cleaning blood usually done three times a week.
With demand from acute care facilities along with a shift towards home-based dialysis care, the company expects to gain leadership position in the growing dialysis market which it projects to exceed $12 billion in United States alone
Other investors in the funding round included the world’s biggest asset manager BlackRock, Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, investment firm Sands Capital, private equity firm Segulah Medical and Monashee Investment Management LLC, among others.
Existing investors including Wellington Partners, btov, Seroba Life Sciences and The Grands also participated in the funding round.
Lee Hathaway, partner and co-head of healthcare at Glenview Capital, will join Quanta’s board, the company said, along with Robert Ghenchev, a senior partner at Novo Holdings.
Reporting by Mrinalika Roy in Bengaluru; Editing by Krishna Chandra Eluri