Credence MedSystems, a medical technology company based in Menlo Park, CA, got a $15 million injection in a Series A round of financing.
Details of the funding weren’t disclosed, but the company said it will use the money to continue development of its drug delivery platform that is based on prefilled devices and sold to drug manufacturers to use with their injectable medications.
Credence’s products include the Companion platform of passive needle safety prefillable syringes, which have staked needle, luer needle, and dual chamber reconstitution options.
Patients use the device to perform an injection, after which it gives a cue that the drug has been delivered and the needle automatically retracts into the syringe, which is then disabled from being used again.
“This financing comes at a time when our Company is rapidly gaining customer traction and provides our team with additional resources to continue the development of our highly innovative drug delivery platforms,” Jeff Tillack, Credence’s COO, said in a statement. “We are providing solutions that meet the unmet needs of the pharmaceutical industry for safe, cost effective and easy to implement next generation products.”
The company also said it’s developing additional products aimed at delivery of biologics to patients.