SALT LAKE CITY, May 27, 2015 /PRNewswire/ -- Vital Access Corp. announced today that it has closed on a $10 million credit facility with Deerfield Management, a healthcare investment firm. Proceeds from the financing will be used to fund Vital Access' continued global expansion of its innovative VWING™ Vascular Needle Guide franchise and for further investment in the Company's proprietary vascular access platform.
"Vital Access is very pleased to have Deerfield as a financial partner. Deerfield is a healthcare investor with great depth of experience and resources," said Doug Smith, President and CEO of Vital Access. "With their support, we will work to establish VWING as the gold standard for easier and more durable AV Fistula access for dialysis."
VWING™ Vascular Needle Guide is a patented implantable accessory device designed to facilitate safe and reliable access to arteriovenous fistulas (AVF) in patients suffering from End Stage Renal Disease who are undergoing hemodialysis. Up to 26 million Americans -1 in 9 adults - have chronic kidney disease, and more than 570,000 Americans have kidney failure, also known as end-stage renal disease, or ESRD. In the U.S., this patient population is projected to grow at a rate of close to 4%. VWING™ is an accessory device used in conjunction with AV Fistula, the predominant method of vascular access for hemodialysis globally. In the SAVE study, a prospective, multi-center, US pivotal clinical trial, VWING was shown to provide reliable fistula access in 96% of patients who had been determined to have uncannulatable fistulas. Long-term follow up results show VWING patients in the SAVE study have experienced significantly lower incidence of access site and systemic infection than USRDS published rates for AV Fistula access.
"In many patients, palpating and cannulating the arteriovenous fistula is challenging; the use of VWING™ is demonstrated to improve cannulation success with fewer attempts, thereby improving the experience for patients and healthcare professionals and providing a safe alternative for establishing cannulatable fistulas," said Avi Kometz, Partner at Deerfield. "We are pleased to partner with Vital Access to advance the company's commercialization of VWING™."
"Vital Access' VWING™ has the potential to make a huge impact in the lives of tens of thousands of patients suffering with ESRD," said David Hochman, Chairman of Vital Access and Managing Partner of Orchestra Medical Ventures, the Company's lead equity investor. "We are thrilled that Deerfield has recognized the clinical importance of this device and is partnering with us to enable Vital Access to achieve its full commercial potential."
About Vital Access®
Vital Access® designs and manufactures surgical and interventional technologies to improve vascular access for patients and their caregivers. Vascular access challenges have driven the company to develop the VWING™ Vascular Needle Guide, which is currently approved for use in markets such as the United States, Canada, Europe and New Zealand. Vital Access® and its employees are committed to quality and improving patient care. Our focus is developing solutions for access surgeons, clinicians and patients.
About Deerfield Management Company
Deerfield is a healthcare investment firm, committed to advancing healthcare through investment, information and philanthropy. For more information about Deerfield, please visit http://www.deerfield.com.
About Orchestra Medical Ventures
Orchestra Medical Ventures is an investment firm that employs a proprietary and innovative strategy to create and build medical technology companies intended to generate substantial clinical value and superior investor returns.
Vital Access Corp.
Mr. Doug Smith, President and CEO
Orchestra Medical Ventures, LLC
Mr. David Hochman, Managing Partner
60 East 42nd St. Suite 1160
New York, NY 10165
Deerfield Management Company