EDMONTON, AB--(Marketwired - June 29, 2016) - Medical device company Tevosol is one step closer to improving the lives of patients awaiting organ transplants after securing $2 million in financing. This TEC Edmonton client and University of Alberta spinoff company has designed a medical device that keeps critical organs such as hearts and lungs viable for transplant longer.
"Our multi-organ capable perfusion device has demonstrated laboratory safety and efficacy. This raise will allow us to work towards commercialization and dissemination of this technology that has the potential to vastly increase the number and quality of organs that are available for transplanting," states Dr. Freed, Tevosol President and Chief Scientific Officer.
The current method for heart and lung preservation, known as cold static storage, results in progressive tissue damage and gives the organ a short six-hour window of opportunity for organ viability. Tevosol's unique innovation keeps the organ warm and supplied with oxygen as if it is still in the body, and extends its "ex-vivo" (out of body) life. The device resuscitates organs deemed unsuitable and allows assessment of transplant suitability which has the potential to double or triple the number of available donor organs worldwide.
The initial seed funding will be used in two ways: to further develop the device prototype for clinical use, and to begin a lung transplant trial at the University of Alberta.
"We are thrilled that Tevosol has the resources to move forward," says TEC Edmonton CEO Chris Lumb. "It's been a privilege for TEC Edmonton to assist Tevosol in growing into a sustainable business that will make a difference for both patients and the healthcare community."
"We appreciate the assistance TEC Edmonton has provided with market research and business planning and now, with the confidence and financial support of our investors, we look forward to bringing this life-saving technology closer to market," states Kevin Ens, CEO of Tevosol.
Tevosol has been a TEC Edmonton client since the beginning of the company's original business plan in 2014. TEC's business development services accelerated Tevosol's growth into an independent company through assistance with market assessment, incorporation, business planning, patenting, and intellectual property (IP) protection and the regulatory approval process.
Tevosol, Inc. is a medical device company developing the Ex-Vivo Organ Support System (EVOSS™) with the goal of increasing the number of organs available for transplantation. EVOSS™ is a portable warm perfusion device intended to achieve better recovery of organs, better resuscitation of dysfunctional organs, and longer preservation of function with the opportunity for ex-vivo treatment and evaluation. The system consists of a common hardware platform with organ-specific single-use disposable cassettes for lungs, hearts, livers and kidneys.
About TEC Edmonton:
A unique not-for-profit, TEC Edmonton is a joint venture of the University of Alberta and the Edmonton Economic Development Corporation. TEC Edmonton helps technology entrepreneurs accelerate their growth. In addition to being the commercialization agent for University of Alberta technologies, TEC Edmonton operates Greater Edmonton's largest accelerator for early stage technology companies, including both university spinoffs and companies from the broader community.
TEC Edmonton provides client services in four broad areas: Business development, funding and finance, technology commercialization and entrepreneur development.
TEC Edmonton's clients are an outstanding group of companies. Since 2011, TEC Edmonton clients have generated $680M in revenue, raised $354M in financing and funding, invested $204M in R&D, grown employment by 21-26% per year and now employ over 2326 people in the region. In addition, TEC Edmonton has assisted in the creation of 22 spinoffs from the University in the last five years.
In 2015, TEC Edmonton was identified by the Swedish University Business Incubator (UBI) Index as the 4th best university business incubator in North America, and was also named Canadian "Incubator of the Year" at the 2014 StartUp Canada Awards.
For more information, visit www.tecedmonton.com.