Rhaeos Raises $10.5 Million in Series A Funding

Rhaeos Raises $10.5 Million in Series A Funding to Support the In-hospital Launch of the FlowSense Shunt Monitor and Accelerate Development of Pipeline Products

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Rhaeos, a medical device company focused on addressing the needs of people with hydrocephalus, has announced the successful closing of $10.5 million in Series A funding. This funding was led by the Steele Foundation for Hope and also included follow-on investors, Creative Ventures and Lateral Capital.

The funding will be used to support the in-hospital launch of the FlowSense shunt monitor, a non-invasive thermal sensor that monitors shunt function in people with hydrocephalus.

Additionally, the funding will help to accelerate the development of the company’s pipeline products, including an at-home version of the FlowSense shunt monitor. This will establish a path to better serve people with hydrocephalus in vulnerable communities worldwide.

Rhaeos’ total funding now exceeds $18 million.

Hydrocephalus and Shunt Function

Hydrocephalus is a chronic condition characterized by excess cerebrospinal fluid in the brain. Over one million people in the US live with this condition. Neurosurgically implanted ventricular shunts are the standard treatment for hydrocephalus. However, approximately 50% of these shunts fail within the first two years of placement. Currently, diagnostic imaging tests used to assess shunt function are limited and can take up to 48 hours. This leaves patients with hydrocephalus vulnerable to the damaging effects of excess cerebrospinal fluid on the brain.

FlowSense Technology

Formed out of the award-winning John A. Rogers Research Group at Northwestern University, the FlowSense technology is designed to rapidly and non-invasively monitor shunt function. The system utilizes a small, bandage-sized patch that adheres to a person’s skin above the implanted shunt tubing. Critical data on shunt functionality is wirelessly transmitted to a mobile app in a matter of minutes, supporting clinical decision making to optimize treatment plans. In 2020, the FlowSense shunt monitor received FDA Breakthrough Device Designation, enabling Rhaeos to work in close collaboration with the FDA to streamline the market clearance process. The FlowSense shunt monitor is currently being evaluated in an FDA pivotal study across multiple centers in the US. The company anticipates making the FlowSense shunt monitor commercially available to physicians and their patients in 2023.

Medical Professionals and FlowSense Technology

According to David D. Limbrick, Jr., MD., Ph.D., T.S. Park Chair and Chief of Pediatric Neurosurgery, Washington University School of Medicine, and Neurosurgeon-in-Chief, St. Louis Children’s Hospital, the FlowSense technology allows doctors to assess a patient’s shunt function at their bedside in minutes. This reduces diagnostic uncertainty and expedites appropriate treatment for people living with hydrocephalus. By providing critical data on shunt functionality in a non-invasive and rapid manner, the FlowSense shunt monitor can significantly improve the management of failed shunts.

Rhaeos’ Mission

Rhaeos is passionate about improving the care of people living with hydrocephalus. The company aims to use its innovative technology to improve the quality of life for these patients by reducing diagnostic uncertainty and expediting appropriate treatment. Rhaeos plans to make the FlowSense shunt monitor available to physicians and their patients in 2023, establishing a path to better serve people with hydrocephalus in vulnerable communities worldwide. Additionally, the company is working on developing its platform technology to improve the care of other chronic conditions.

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