Funding in medical device company was raised through a private placement by RBC Wealth Management Group in collaboration with RBC Capital Markets.
MINNEAPOLIS, MN, Interrad Medical, Inc. a privately held medical device company, announced today that it has raised approximately $10 million in its Series C financing.
The funding was raised through a private placement by RBC Wealth Management Group in collaboration with RBC Capital Markets. RBC financial advisors and Interrad executives worked together to raise the funds exclusively from high net worth angel investors.
The funds will be used to support commercialization and the further development of the revolutionary SecurAcath device. There are over 500 million vascular access catheters placed each year worldwide. Currently, vascular access catheters are secured on the surface of a patient's skin using sutures or adhesive devices. The SecurAcath is the only catheter securement device that does not require sutures or adhesives, enabling fast, safe, and continuous securement. The unique design of the SecurAcath secures and stabilizes catheters right at the insertion site using a small, blunt anchor that deploys and holds virtually painlessly in the subcutaneous tissue just beneath the skin. The device takes only seconds to place and remove, and secures for the life of the catheter. The SecurAcath is also designed to prevent catheter migration and pistoning, and allows for 360 degree site cleaning while secured.
The SecurAcath offers significant advantages over current securement and stabilization methods. The device can reduce costs by decreasing the time required to secure, maintain and remove catheters. The device design allows for improved catheter site cleaning and minimizes catheter motion which may reduce catheter-related infections. Finally, the SecurAcath is sutureless, therefore, it eliminates the potential for needlestick injuries that can occur when suturing catheters.
Interrad also announces the recent hire of Stephen Zielinski as Vice President of Sales. Steve is an experienced medical device sales executive with over 20 years sales experience at Boston Scientific, CoAxia, Angiotech and most recently with LifeWatch Services.
Joe Goldberger, Interrad's President and CEO commented, "Recently raising 10 million dollars, in a volatile economy, is clearly a testament to the promise of the SecurAcath technology, which angel investors have embraced in unusually large numbers. 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."
Tom Sagissor, RBC Wealth Management's North Regional Director stated, "The success of our financing effort for Interrad is a launching pad for our private placement business. We were fortunate to partner with Joe and his team and look forward to their continued success."
The SecurAcath device is currently available in 5F and 7F sizes and the Company plans to expand size availability in the coming months. Ultimately, the SecurAcath has the potential to become the next standard of care for catheter securement.
About Interrad Medical, Inc.
Plymouth, MN based Interrad Medical, Inc. is a developer, manufacturer and marketer of medical devices, designed for minimally-invasive interventional and surgical procedures. The Company was founded by practicing Interventional Radiologist and Interrad Medical Chairman and Chief Medical Officer, Michael Rosenberg, M.D. For more information, visit www.securAcath.com
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