A Michigan company expects its new intravenous delivery system to be on the market next year after securing a fresh round of capital.
Tangent Medical Technologies has developed a closed-system IV device, NovaCath, that will stay comfortably on a patient longer, prevent blood spills and avoid patient exposure to pathogens. The University of Michigan spinoff secured $1 million in private funding, which should help with regulatory approval and market launch in 2012, said Elyse Kemmerer, co-founder and director of business development.
Based in Ann Arbor, Mich., the new innovative medical device company is the brainchild of three University of Michigan Medical Innovation Center fellows who observed frequent failure of traditional IV delivery systems. Nearly all patients use IVs in hospital stays. But half the time the the IVs don’t last the three to four days they are expected to, Kemmerer said.
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“One of the biggest hassles when patients are in the hospital is getting poked over and over again,” she said. “To fix this people are using better tape, but we’re redesigning the whole system so that it stays in place.”
Kemmerer formed the company in 2009 with co-founders Steve White and Adrienne Harris, who are now directors of R&D and product development, respectively. In August they hired Jeff Williams, former president and CEO of Accuri Cytometers, to become Tangent’s CEO as the company prepares to commercialize NovaCath.
The vascular access device market in the United States was valued at more than $3 billion in 2010, according to an iData Research report. But there are already competitors on the market. A similar closed-system IV system, the Nexiva, is manufactured by BD Medical.
