Syncro Medical Innovations has raised $500,000 in debt to continue development of a feeding tube for critically ill patients, according to a filing with the Securities and Exchange Commission.
The latest funding follows an $800,000 infusion of capital in May and another $500,000 last summer. Both of those also came in the form of debt.
Syncro’s device, the BlueTube feeding tube, is designed to dispense nutrition in the small intestines, rather than the stomach, of critically ill patients. Food is better absorbed through the upper part of the small intestine called the duodenum, according to the company.
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The device uses magnets to place the feeding tube at the proper point in the body. It currently is in use at Brooke Army Medical Center in San Antonio, Texas.
The company is likely to use its latest investment to beef up its marketing efforts and pursue European regulatory approval of the BlueTube.
CEO Gary Wakeford told the Business Journal Daily in June that he hoped to secure European approval of the device within six months.
The most recent funding was sourced from two investors with the first sale occurring on July 22, according to the regulatory filing.
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In February 2006, the company raised $2.2 million in private equity during its first fundraising round. Norwich Ventures of Cambridge, Massachusetts, led that financing round.
Syncro has also received public funding from the Department of Defense and Ohio’s Third Frontier project.
Wakeford didn’t return a call.