The transdermal fluid removal spinout will aim for a close of at least $426,000 with another $99,400 from private investors.
Renephra, a UK-based transdermal fluid removal spinout of University of Manchester and Manchester University NHS Foundation Trust, has received £231,000 ($327,000) from investors including regional public-private partnership GM&C Life Sciences Fund.
Investment management firm Deepbridge Capital also took part in the round, which is expected to close with $426,000 with the inclusion of at least $99,000 in additional funding from private investors.
GM&C Life Sciences is managed by venture capital and private equity firm Catapult Ventures.
Renephra is working on a transdermal fluid removal device that will enable surgeons to relieve excess fluid and soft tissue swellings known as oedema that are symptomatic of certain vascular and oncological diseases.
The device relies on microneedles to access the fluid in the epidermis and dermis, before using negative pressure to remove it.
Renephra has earmarked the capital for research that will demonstrate the device working for severe oedema patients, including some with heart failure.
Deepbridge supplied Renephra with an undisclosed sum of seed funding in 2016, and the spinout also secured early-stage investments from venture capital firms Spark Impact and MTI Ventures.
Gareth King, life science-focused partner at Catapult Ventures, said: “We were attracted to Renephra by the clear clinical need for improved treatment options for heart failure patients with chronic oedema. Early clinical data on fluid extraction through the skin is tantalising and we look forward to the outcome of the research study for this unique treatment”.