Eden Prairie-based RxFunction Inc. is looking to raise another $12 million in financing as the company works to secure FDA approval for its wearable Walkasins medical device. Walkasins are intended to improve balance and gait challenges for people with peripheral neuropathy – numbness and/or pain – in their lower legs.
The company’s quest for more capital was disclosed in a Wednesday filing with the U.S. Securities and Exchange Commission. A representative of RxFunction said that the company could not comment. Last year the company raised $7.5 million through a Series A round of financing.
RxFunction was formed in 2010. Thomas Morizio, a veteran of the medical device industry, was tapped as CEO in November 2017. In May 2018 the company announced a long-term clinical trial for Walkasins.
Users insert Walkasins with a foot pad in their shoes; the device itself is worn around the ankle.
Walkasins provide sensory signals to replace the lost foot sensation due to neuropathy. It’s estimated that 20 million Americans have peripheral neuropathy, which can be caused by diabetes and other conditions. The product is not yet available for sale to the public.
The company has so far secured five patents for its technology. In November the company won the 2018 Tekne Award in the medical device category from the Minnesota High Tech Association.
Last year RxFunction was also named among “20 Medical Device Startups You Need to Know” by Medical Design & Outsourcing, a national medical device industry news web site.