The Texas maker of an embolism-preventing catheter just raised $4 million, according to a regulatory filing.
BiO2 Medical‘s Angel Catheter is meant to prevent pulmonary embolisms in hospitalized patients that carry a high risk of developing the complication – particularly those with severe head and spinal injuries. For such injuries, anticoagulants can be dangerous – hence the need for an alternative, the company says.
Embolisms can be costly, after all – and devastating to a patient’s health. A recent survey of pulmonary embolism costs placed it at about $9,000 per patient – on top of the care the inpatient was already receiving in the hospital.
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.
Studying Brigham & Women’s Hospital over the course of eight years, the study found that “an average of 160 patients with pulmonary embolism were admitted each year, requiring an annual hospital expense ranging from $884,814 to $1,866,489.”
The filing shows the startup’s after $10 million in total for the round; the $4 million has thus far been raised from a single investor. BiO2 Medical has raised more than $35 million since it was founded in 2006.
That said, the device is still not FDA-cleared. It has a CE mark for sale in Europe, though it’s still in investigational use in the U.S. It is however in the midst of a 150-patient, multicenter trial to determine the efficacy of the device. It’s indicated for up to 30 days of use.
