Phraxis, a St. Paul company that makes a device for patients undergoing hemodialysis, has closed on a $5.6 million round of funding, according to a regulatory filing.
Phraxis' device offers an alternative to a central venous catheter, which is typically used for dialysis procedures. The company's InterGraft product is a hemodialysis device that is inserted through a patient's skin and enables vascular access without surgery.
"We believe that we'll substantially increase the time that a graft can be used for dialysis," Phraxis CEO Jim Hickney told Minne Inno. "It creates less trauma and chance of infection, ultimately helping people and providing better medicine."
Phraxis' technology was developed by Dr. Alexander Yevzlin, a professor at the University of Wisconsin-Madison and Phraxis' current chief scientific officer.
Phraxis' fresh funding was raised from seven investors, according to the filing. Hickney said that the company will use the capital to complete an ongoing clinical study to gain FDA approval.
This is the third round of capital that the company has raised since it was founded in 2010. Prior to this most recent round, Phraxis closed on $1.5 million in 2012.
"Minnesota continues to be a great hub for medical devices and we hope to be another success story," Hickney said.
