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Fluidnet Finalizes Series C at $25M

2011-08-18
Round of financing was led by new investor Fidelity BioSciences, which was joined by new investor SCP Vitalife Partners and current investors Cardinal Partners, Easterly Capital and Rockport Venture Partners.
AMESBURY, MA, Fluidnet Corporation, an innovator of advanced intravenous (IV) infusion systems, announced today it has closed a $25 million Series C Financing. The round of financing was led by new investor Fidelity BioSciences, which was joined by new investor SCP Vitalife Partners and current investors Cardinal Partners, Easterly Capital and Rockport Venture Partners.

The proceeds from this round will support ongoing development and clinical evaluations as the company moves towards regulatory clearance and commercialization of its simple, highly portable yet fully-featured infusion pump. Fluidnet's "load and go" external intravenous infusion control system will help significantly reduce the time needed for IV therapy-related tasks, improve ease of use in home and clinical settings, and enhance safety. The device targets a $5 billion global market.

In conjunction with the financing, Hingge Hsu, M.D., Partner at Fidelity Biosciences, and Wayne Weisman, Partner at SCP Vitalife Partners, will be joining the Fluidnet Board of Directors.

According to the FDA, more than 56,000 adverse events and over 700 patient deaths over the past six years have been attributed to faulty infusion system design. The Fluidnet system, once cleared, will offer a substantial improvement in performance. Based on a decade of user-driven innovation, its architecture is the marriage of advanced fluidics, consumer electronics and state-of-the-art software development methods.
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