A company that’s developed a magnetic feeding tube for critically ill patients has raised $250,000.
Syncro Medical Innovations‘ fundraising was revealed in a regulatory document filed with the U.S. Securities and Exchange Commission. The funding came in the form of debt from one investor. Syncro CEO Gary Wakeford didn’t return a call.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company sells two versions of its Syncro-BlueTube small bowel feeding tube — one for adults and one for children. The BlueTube contains small magnets at its tip and can be guided into place inside a patient’s body by an external magnet.
The pediatric version of the tube received marketing clearance from the U.S. Food and Drug Administration in August.
The device requires less than 20 minutes of insertion time and is successfully placed on the first attempt about 80 percent of the time, according to Syncro.
In June 2010, the company closed an $800,000 round of funding. Wakeford said at the time that Syncro would use the funding to boost its marketing and seek European regulatory approval of the BlueTube.
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