Madison Scientific (MadSci) – a private medical device company developing smart electro-mechanical solutions for patients with neurologic conditions – announced it has secured $7 million in a fully subscribed seed financing round. The funding round was co-led by WARF Ventures, the Isthmus Project, and a medical device entrepreneur/investor, with participation from other institutional investors, family offices, and angel investors. Funds will be used to grow the MadSci team, expand preclinical testing, and advance prototype development of the company’s innovative SmartShunt Hydrocephalus Management System.
MadSci’s SmartShunt System was built to integrate diagnostic and therapeutic functions to enable personalized and informed hydrocephalus management. The system features a proprietary valve, state-of-the-art intracranial pressure (ICP) sensor, and advanced algorithms to optimize shunt drainage to meet each patient’s needs. The in-development SmartShunt System aims to leverage ICP readings to reduce life-threatening shunt failure while also facilitating on-demand and informed patient management, reducing uncertainty for patients and their families.
Hydrocephalus is an incurable neurological condition affecting one million children and adults in the U.S. today. The condition is caused by a buildup of cerebrospinal fluid (CSF) in the brain’s ventricles, which can increase intracranial pressure and lead to neurological problems or even death if untreated. The current standard of care is the surgical placement of a permanent shunt for draining CSF from the central nervous system to other parts of the body. However, traditional shunts, which have seen limited innovation since their introduction almost 75 years ago, are prone to failure, with nearly 40% failing within the first year and most failing within two to three years.
Along with this financing, the company was previously awarded several non-dilutive grants, including a Phase I Small Business Innovation Research Program (SBIR) grant from the National Institutes of Health (NIH) and a Phase 2 SBIR Grant from the National Science Foundation (NSF).
The SmartShunt System is under development and it is not yet authorized for use or available for sale in any country.
KEY QUOTES:
“Hydrocephalus is a challenging condition to manage. Current shunt devices lack the sophistication to alert when medical intervention is necessary. Compounded by high rates of shunt failures, this can be an incredible source of anxiety and stress for patients and families. We believe in the potential of MadSci’s smart shunt technology to deliver a better option for hydrocephalus management.”
– Joshua Carson, PhD, Venture Manager at WARF Ventures
“We are committed to improving outcomes for the underserved population of hydrocephalus patients. The team has made tremendous progress, and we are grateful for the strong support from our investors as we look to bring this much-needed innovation to market.”
– Tyler Wanke, MD, MBA, MEM/MSDI, CEO of MadSci
