Company name: Pursuit Vascular Inc.
Industry: Medical Devices.
Location: Blaine, Minnesota.
Product: Its ClearGuard HD device is used to prevent infection associated with hemodialysis catheters.
Money raised: $1.3 million, seeking $2 million. CEO expects that because the round is oversubscribed, more than $2 million will be raised. Company has raised $1 million by issuing convertible debt previously.
How it will be used: For “regulatory clearance, intellectual property and clinical trial preparation activities associated with our novel ClearGuardHD device,” said CEO Doug Killion. Earlier, Killion had hoped for a mid-2012 market clearance.
Investors: Angels and midsize venture capital firms including Omphalos Venture Partners.
Management team: Doug Killion, CEO; Robert Ziebol, chief technology officer; Keith Modert, director of engineering; and Robert Weinmann, medical director.
Market size: Worldwide market for the ClearGuard HD device is more than $500 million, according to Killion.
Competitors: European companies making antimicrobial fluids for catheters such as Dirinco, which makes Citra-Lock; Geistlich Medical, which makes TauroSept; and Tauro-Implant, which manufactures TauroLock.
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By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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