Calyxo – a medical device company developing next-generation treatment solutions for patients with kidney stones – recently announced the closing of a $50 million Series D financing round led by Avidity Partners with significant participation from existing investors Questa Capital and CRG.
Calyxo is now commercializing the CVAC Aspiration System, which uses irrigation and aspiration to remove kidney stones to minimize residual stone burden. And the technology has already been used to treat more than 1,300 patients in the U.S successfully.
According to the American Urological Association, about 10% of people in the U.S. will have a kidney stone at some point in their lives. And kidney stone disease is a painful condition that brings with it significant healthcare costs (Current Urology Reports estimates $4.1 billion in annual direct treatment costs by 2030).
The most commonly used kidney stone treatments today do not reliably remove all of the stone fragments created. And according to clinical studies published in Urology and the Journal of Urology, residual fragments left behind are associated with a 20%-44% incidence of post-procedure problems, including pain, infection, emergency department visits, hospitalization, and need for retreatment.
KEY QUOTES:
“We are excited about this round of funding which will further accelerate the company’s momentum. Despite the challenging market conditions, we received strong support from investors who believe in our team, our mission and the promise of our CVAC technology. Our kidney stone treatment innovations will improve care for patients and have the opportunity to transform the way this condition is treated. We will use this capital to build commercial traction while maintaining investment in product development and clinical studies.”
- Calyxo’s President & CEO Joe Catanese
“We are proud to invest in Calyxo and its groundbreaking technology. Calyxo has an opportunity to alter the kidney stone treatment category and deliver a new generation of devices that can significantly improve care and comfort for millions of people afflicted by kidney stones. We look forward to working with the company’s leadership team as it seeks to accomplish its mission to provide a disruptive solution for a long-standing medical challenge.”
- Avidity Partners’ Jacob Garfield; Garfield will also join Calyxo’s Board of Directors
