MADISON, Wisc.--Renovar Inc., a company that develops diagnostic tests for kidney disease and transplant monitoring, said today it has secured $1.2 million in a second round of financing that raised the total capital raised by the company to $3.2 million.
The company said the money will be used to support the company's efforts and to help Renovar get U.S. Food and Drug Administration clearance for its Renokine I product as well as other research and development activities.
Investors that participated in the most recent round include NEW Capital Fund LP. Wisconsin Investment Partners and individual investors, including Renovar's president and chief executive Peggy Hedberg and asset manager Rhona Vogel.
As a result of the financing, Vogel will join Renovar's board of directors, as will Charles Goff who is general partner of NEW Capital Fund.