Charleston organ center receives $14 million in financing

Organ Recovery Systems has received $14 million in financing that will allow it to boost work done at its Charleston Research Center.

The center in Charleston is one of three units that comprise Chicago-based Organ Recovery Systems, which develops technologies to increase the number and quality of organs available for transplant. Its Charleston operation on East Bay works on preserving cells, tissues and organs.

The funds will allow the company to launch its LifePort Kidney Transporter, a device designed to improve the preservation, treatment and assessment of kidneys to be transplanted.

The Food and Drug Administration is currently reviewing the device.
The company will also use the money to find ways to apply its technology to preserve other organs and tissues, such as the heart, liver and pancreas.
In addition, the money will support the company’s research into stem cell and soft-tissue preservation.

Organ Recovery Systems has raised $22.35 million in venture capital to date. Investors involved in the latest round include a number of new institutional investors, plus others who invested earlier.

“A global health care crisis exists as millions of people worldwide await life-saving organ transplants,” said Alexis Bogaert, manager of DEXIA Bank Belgium, one of the institutional investors. “Organ Recovery Systems has made enormous strides in developing medical products and services that could help solve the worldwide shortage of organs and tissues for transplant.”

David Kravitz, Organ Recovery’s chief executive, said privately held Organ Recovery Systems has also attracted government grants totaling $6.4 million.