Plymouth, MN-based Interrad Medical has raised approximately $10 million in Series C financing through a private placement by RBC Wealth Management Group. The financing will be used to support the commercialization and the further development of the SecurAcath device.
The SecurAcath is the only catheter securement device that does not require sutures or adhesives, according to the company. Its design allows for safe and continuous securement with a blunt anchor that deploys and holds virtually painlessly in the subcutaneous tissue just beneath the skin. It also eliminates the potential for needlestick injuries that can occur when suturing catheters. SecurAcath is available in 5F and 7F sizes, and the company plans to expand size availability in the coming months.
In addition, the company announced it had hired Stephen Zielinski as VP of sales. His previous employers include Boston Scientific, CoAxia, Angiotech and LifeWatch Services.
"Recently raising $10 million, in a volatile economy, is clearly a testament to the promise of the SecurAcath technology, which angel investors have embraced in unusually large numbers," said Joe Goldberger, Interrad's president and CEO, in a statement. "I also am pleased to welcome Steve, whose passion and experience will certainly help us turn our attention to the task at hand, successfully commercializing this sensational new device."
- see the Interrad release