Company name: Bi02 Medical Inc.
Industry: medical devices.
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Location: San Antonio, Texas.
Solution/product: The Angel Catheter is a “central venous catheter and inferior vena cava (IVC) filter combination device” that is designed to prevent pulmonary embolism in critically ill patients.
Money raised: $12 million in series C financing.
How it will be used: to commercialize the Angel Catheter.
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Investors: Remeditex Ventures, Incyte Ventures Targeted Technology Fund.
Management team: Christopher Banas, chairman and CEO; Luis Angel, chief medical officer; Paul Castella, chief financial officer.
Market: Currently the market for retrievable IVC filters like the Angel Catheter is about $250 million and growing at 11 percent annually, according to the company. There are several players in the space including Peripheral Vascular, Cordis Corporation (a division of Johnson & Johnson), Boston Scientific Corporation and Cook Medical. A 2007 study found that more than half of all diagnosed cases of pulmonary embolism occurs in patients who are in hospitals or nursing homes.
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