Awak Technologies announced today that it raised $40 million in an oversubscribed financing round as it readies its Awak PD (peritoneal dialysis) device.
Singapore-based Awak said the latest funding is earmarked for late-stage clinical studies and commercialization acceleration for the portable, wearable PD device that does not require medical supervision when administered.
The device is designed to use sorbent technology to remove the uremic toxins from spent dialysate and reconstitutes used dialysis fluid into fresh fluid in real-time. The technology removes the need for large volumes of dialysate, continuous water supply and costly water treatment in dialysis treatments.
Awak PD won FDA breakthrough device designation in January after completing its first-in-human study in October 2018 with no serious adverse events. The company said it expects to begin a pivotal study of the device in the next 12-18 months as it looks to discuss the regulatory pathway for the PD system.
The funding for Awak PD was co-led by Vickers Venture Partners, a new investor. Advanced MedTech and Enterprise Singapore’s investment arm Seeds Capital also contributed to the $40 million round, which brings Awak’s total financing raised to more than $60 million.
“Currently, around three million people are undergoing dialysis treatment and forced to adapt their lifestyle to the therapy,” Awak CEO Suresha Venkataraya said in a news release. “Awak PD aims to provide dialysis on-the-go with maximum convenience and comfort, reducing the time and cost burdens of dialysis for patients and healthcare systems alike. We are delighted to have attracted highly reputed investors at this important stage of Awak’s development and look forward to their guidance and expertise as we seek to revolutionize dialysis therapy.”
“We’re excited to be part of this exciting journey to greatly improve the quality of lives of dialysis patients,” added Vickers Venture Partners vice chairman Dr. Jeffrey Chi. “Awak’s technology is a breakthrough in the kidney dialysis space. Whilst we expect this investment to perform well financially, we are also pleased that its technology will benefit millions of patients and alleviate the huge burden of end-stage kidney disease on global healthcare systems.”
“The global market for dialysis is US$80 billion,” said Awak chairman Abel Ang. “Awak’s PD device holds the potential to categorically disrupt the dialysis industry by reducing the complexity of care for people with end-stage kidney disease, and give them their life back. We are proud to have this company within our portfolio and continue to support the team in their efforts to change dialysis forever.”
