University of Michigan spinout Tangent Medical has raised a $5 million senior secured term loan credit facility from GE Capital, Healthcare Financial Services to commercialize its IV stabilization tech abroad. While company Vice President of Sales and Marketing Curtis Bloch said the funding will be used for a variety of commercialization efforts, a significant portion would be used to commercialize in larger countries where healthcare worker safety legislation has been passed.
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Tangent Medical expects CE Mark approval for its NovaCath technology in Q1 this year. The company recently announced it received ISO 13485:2003 certification from the British Standards Institution.
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“Our focus is to acheive market penetration in the U.S., and to demonstrate improved clinical outcomes and added value to hospitals in the U.S.,” Bloch said. “Our milestone in 2014 outside of the U.S. is to secure distribution agreements in the target markets and begin commercial sales outside the U.S.”
The IV catheter tech’s main appeal is stabilization. It eliminates the external J-loop found on most IVs. Bloch said the value drivers are obvious: About 10 catheters are placed each second in the U.S., Bloch said, and 40 percent of those require clinical intervention. Plus, the device’s needle shield is intended to prevent needle-stick injuries and healthcare worker exposure to blood. (Thus the focus on expanding abroad in countries with a focus on healthcare worker safety.) “Our device addresses the root cause of those complications.”
NovaCath launched in the U.S. in June 2013. Tangent Medical last raised a Series B round of $8.6 million in venture led by Arboretum Ventures in 2012.
For more on Tangent Medical, click here.
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