Paragonix Technologies secured new funding to expand its clinical service offerings and inventory.
The Cambridge-based company announced a $24 million Series B round today. The round was led by Signet Healthcare Partners. Paragonix was named one of BostInno’s 23 Startups to Watch in 2023 — a group of companies on the verge of something big this year.
Paragonix Technologies launched in 2010 to develop medical devices to safely transport organs between donors and recipients. At the time, co-founder Lisa Anderson said containers like coolers filled with crushed ice were used to transport organs. She previously told BostInno that this method didn’t match the 21st century and recent technology advances.
The company launched its first commercial device for hearts in July 2018. Paragonix has since launched devices to also transport lungs and livers. Last year, Anderson said the company planned to launch a device for transporting kidneys in Q1 of 2023. In a statement Tuessday, the company said it now anticipates launching its kidney device in late 2023.
“The company has shifted its focus for the first half of 2023 to meet the industry needs through its expansion of clinical and procurement services," per the statement.
Paragonix has also incorporated digital tracking and communication technologies so they can independently monitor the organ, whether somebody is accompanying the device or not.
“This growth investment arrives at a critical moment as we strive to meet rising demands for our organ preservation products. We are excited to rapidly advance our innovation pipeline to enhance our ability to safely preserve and transport as many donor organs as possible,” Anderson said in a statement.
In its new funding partnership with Signet, Anderson said they found an organization ready to help accelerate their growth. She said she was looking forward to “leveraging their vast experience in the medical device market.”
Anderson said Paragonix works with all adult transplant center programs in Boston, including MGH, Tufts and Brigham and Women's. In the U.S., the company says 19 out of the 30 largest U.S. heart transplant programs, as well as over 80 global transplant programs, used Paragonix devices to transport and track donor organs in 2022.
“Paragonix has rapidly become a leader in the organ transplant market and is having a significant impact on the future of transplant medicine. We are impressed by their commercial and clinical achievements to date and are excited to partner with their dedicated and versatile team during the next phase of growth,” Ashley Friedman, managing director at Signet Healthcare Partners, said in a statement.
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