VANCOUVER, WA, Developer of a Non-invasive Hemodynamic Monitoring System announced the completion of a $14.5 million financing.
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Cheetah Medical Inc., which developed and markets NICOM, the revolutionary Non-invasive Hemodynamic Monitoring System, today announced the appointment of Chris Hutchison as President and CEO and William T. Denman, MBChB, FRCA as Chief Medical Officer. Concurrently, the Company announced the completion of a $14.5 million financing with a prestigious group of investors including Springfield Investments, Ascension Health Ventures, MVM Life Science Partners and Robert Bosch Venture Capital.
The proceeds will be used to accelerate commercialization of NICOM in the U.S. and internationally. NICOM is currently deployed for Goal Directed Fluid Management in over 100 hospitals in the U.S. and is widely used in OUS markets.
Mr. Hutchison has spent over 25 years in the medical device industry and has extensive general management experience, including commercializing early stage technologies in the U.S., Europe and Emerging Markets. Prior to Cheetah he spent seven years with Covidien where he served as a General Manager in the Respiratory & Monitoring Systems and Vascular Therapies divisions. Prior to joining Covidien, Mr. Hutchison was a U.S. Divisional President at Smiths Medical.
"There is a real need in many hospital settings for early, accurate and non-invasive hemodynamic information to better inform clinical decision making. Since it is noninvasive, NICOM is easy and quick to deploy in critical care settings and eliminates many risks associated with older invasive methods. He continued, "We believe that NICOM improves patient outcomes, and drives favorable healthcare economics, both of which are key considerations in the current healthcare environment."
"I am pleased to have "Pepper" Denman as our Chief Medical Officer. He has had a distinguished career as a clinician specializing in anesthesiology, as a researcher, as an Assistant Professor at the Harvard Medical School, and was a healthcare executive for over nine years with Covidien and GE Healthcare. He has a broad knowledge of fluid management and the critical role that it plays in patient care.
About Cheetah Medical Cheetah Medical's NICOM Noninvasive Hemodynamic Monitoring System is based on the Company's patented and proprietary BIOREACTANCE technology. Clinicians use the NICOM for noninvasive, Goal Directed Fluid Management in critical and non-critical clinical environments. NICOM is FDA cleared and has received a CE Mark.
Founded in 2000, Cheetah medical is privately held and is headquartered in Vancouver, WA. For more information about Cheetah Medical, please visit our website at www.cheetah-medical.com