Company name: Pursuit Vascular Inc.
Industry: Medical Devices.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
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 ClearGuard HD 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.
