A Cleveland Clinic spinoff that’s developed a self-clearing catheter system has raised its first institutional round of investment funding.
Clear Catheter Systems has landed a $4 million round, led by Aphelion Capital and California Technology Ventures, with participation from Research Corporation Technologies, according to a statement from Bend, Oregon-based Clear Catheter.
Clear Catheter plans to use the funding to commercialize its PleuraFlow Active Tube-Clearance System, which uses magnets and a wire loop to keep catheters clear while draining blood and other fluids from the chest after heart or lung surgery. Passive tubes can clog and pose threats like infection and death, according to the company.
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The company about a year ago received U.S. regulatory approval to sell the device, and already had received European and Canadian regulatory approval.
Clear Catheter raised $1.2 million in equity in a 2010 round that was led by the Oregon Angel Fund.
Cleveland Clinic spun off Clear Catheter Systems, then known as PleuraFlow, in 2007. The company closed its initial round of seed investment from the Cleveland Clinic and Bend Venture Angel Investors in August of that year.
