PediaWorks and Tokyo-based Medikit are teaming up to form PediaCath, a joint venture to help alleviate the severe shortage of medical devices for use in pediatric patients. PediaCath will be the first and only company to develop catheters just for children.
Medikit is contributing $500,000 cash as seed funding, its team of R&D engineers and rapid prototyping facilities. PediaWorks is providing executive management and access to its network of clinical advisors and research partners. Tim Moran, founder of PediaWorks, will serve as PediaCath's president and CEO. The company will be headquartered in Cleveland, Ohio.
Moran previously founded CSF Therapeutics, a developer of devices to treat neurodegenerative diseases and a spin-off company from the Cleveland Clinic, Mass Device reports. He also managed a financing round for Intelect Medical, another Clinic spin-off.
- here's the PediaWorks release
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