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Medical device startup raises $5.3 million to reduce radiation in medical procedures

7:01 pm by | 0 Comments

dollars, wealth

A Philadelphia-area startup is developing a device to reduce radiation doses used to conduct medical procedures such as cardiac catheterization and orthopedic surgery.

Company name: IntelliRad Control.

Location: Radnor, Pennsylvania.

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Industry: medical device with applications for cardiology, orthopedics, etc.

Money raised: $5.3 million, according to documents filed with the U.S. Securities and Exchange Commission.

Product/solution: A device to “dramatically reduce the dose of radiation used in diagnostic and therapeutic procedures without changing the physician-patient experience or utility of the study” for procedures such as cardiac catheterization and orthopedic surgery, according to a short statement made by CEO and chairman Steven Nichtberger in an interview with MedCity News.

Investors: Six are listed on its Form D filing.

Management team: Dr. Steven Nichtberger, the chairman and CEO, previously served as CEO and president of Tengion, advancing novel regenerative medicine products to late-stage clinical trials. He has also worked as a senior commercial operating and strategic leader at Merck, according to his LinkedIn profile.

Market opportunity: The U.S. Food and Drug Administration launched an initiative to reduce unnecessary radiation exposure in medical imaging in 2010. Radiation reduction was identified as one of the four largest market opportunities in spine surgery by Dr. A. Jay Khanna, an associate professor of orthopaedic surgery and biomedical engineering at Johns Hopkins University. Providers like Mayo Clinic have been implementing protocols to reduce the amount of radiation used in cath labs.

Copyright 2014 MedCity News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Stephanie Baum

By Stephanie Baum

Stephanie Baum is the East Coast Innovation Reporter for MedCityNews.com. She enjoys covering healthcare startups across health IT, drug development and medical devices and innovations deployed to improve medical care. She graduated from Franklin & Marshall College in Pennsylvania and has worked across radio, print and video. She's written for The Christian Science Monitor, Dow Jones & Co. and United Business Media.
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