Restore Medical Solutions Inks $2.5M Series A
MEMPHIS, TN, Company has closed a $2.5 million Series A round of funding that will assist the medical device startup in fulfilling already substantial demand for the company‚€™s debut product.
Restore Medical Solutions, Inc. has announced the company has closed a $2.5 million Series A round of funding that will assist the medical device startup in fulfilling already substantial demand for the company's debut product.
Founded in Atlanta, by Ryan Ramkhelawan and Shawn Flynn, Restore Medical Solutions specializes in increasing efficiency and productivity in the estimated 6,000 hospitals and 5,000 surgery centers in the U.S that utilize and reprocess re-usable surgical instrumentation.
The Memphis-based company's patent-pending technology has shown up to a 60 percent improvement in efficiency on surgical instrument reprocessing times, while providing reduced potential for surgical site infections, increased instrument/asset accountability, decreased breakage due to poor care and handling, reduction of disposable wraps and accessories and standardization of terminal sterilization packaging, which will reduce poor outcomes associated with processing variability.
Prior to the Series A funding, Restore Medical Solutions has generated significant interest from more than a dozen hospitals across Atlanta and Memphis, five of which have already committed to purchase orders.
"Our product will allow hospitals to clean and re-sterilize surgical instruments in a more efficient and safer way," said Ramkhelawan, Restore Medical Solutions CEO. "This will allow hospitals to get life-saving instruments into the hands of their surgeons faster. This will not only save costs, but patient's lives as well.
"Every second is important when someone's life is in danger, so the last thing a surgeon needs to worry about is where his instruments are, or if they were cleaned appropriately. We are proud to bring our product to market knowing that it will help save lives and significantly lower the cost of healthcare."
Following months of prototype testing in Atlanta, Restore Medical Solutions' founders were awarded $50,000 in seed funding and a spot in Memphis Bioworks Foundations' inaugural Zeroto510 program for medical device startups.
At the conclusion of the program, Restore Medical Solutions received a joint offer from Memphis-based venture capital firms Innova and MB Ventures for $2.5 million.
"Our partnership with Innova and MB Ventures will propel us to incredible heights," Ramkhelawan said.
"Entrepreneurs are the engine that this country needs to create jobs and new opportunities. Creative new ideas are out there and we can launch new industries which will make our economy thrive. It takes sacrifice, commitment, and a supportive community. Memphis is that example. The leaders of Tennessee and Georgia, both private and public, are taking a proactive stance in job creation and economic development. GCMI, BioWorks, Launch Tennessee and Seed Hatchery are just a few examples of entities that are available for the public to utilize to incubate their ideas which will directly impact growth and opportunity. We are just one of many success stories that will come as a result of these coordinated efforts" said Flynn, Restore Medical Solutions' President.
About Restore Medical Solutions:
Restore Medical Solutions, Inc. is a Corporation that caters to the healthcare industry, as it pertains to surgery, with particular emphasis on increasing efficiency and productivity.
Our target clients are hospitals, surgery centers, sterile processing facilities and medical device manufacturers that utilize and reprocess re-usable surgical instrumentation.
Depending on the facility, our patent-pending products and method have shown up to a 60% improvement in efficiency on surgical tray assembly times. Additional benefits include reduced potential for surgical site infections, increased instrument/asset accountability, decreased breakage due to poor care and handling, reduction of disposable wraps and accessories, and standardization of terminal sterilization packaging, which will reduce poor outcomes associated with processing variability.
There are approximately 6000 hospitals and 5000 surgery centers in the U.S. With the passing of the Affordable Care act in 2010, these health systems are increasingly focused on cost-cutting initiatives.
Reducing the inefficiency and waste which has been exponentially stressing our health care system enables hospitals to administer more effective care to more people. It is our mission to focus on products and techniques that will promote a higher level of efficiency and productivity, enabling our nation's hospitals to deliver quality healthcare to all.
Historically, there are many known challenges that center on the logistical aspects of performing surgery. Many of these known challenges are focused around the decontamination, inspection and re-assembly process of the re-usable devices used in surgery. Restore Medical Solutions, Inc. has identified this as a cost-saving area for most of our nation's hospitals utilizing our patent-pending products/method.
About the founders:
Ryan Ramkhelawan (CEO) began his medical career as a Surgical First Assist. After receiving extensive training in anatomical dissection, he became credentialed in Organ Procurement, Transplantation and Renal Perfusion.
As a transplant perfusionist, he developed new techniques in renal perfusion and he advised product manufacturers on innovative designs to improve outcomes for transplantable organs. His versatile background and integral knowledge of surgical techniques allowed him to develop products that promote efficiency and improve workflow.
Shawn M. Flynn (President) has more than twenty years of healthcare/biotechnology experience that is applicable to the success of Restore Medical Solutions.
Flynn's medical experience began while enlisted in the U.S. Army as a surgical assistant. Upon completing his service, he began working within the highly regulated field of Organ Procurement and Tissue Banking.
Prior to co-founding Restore, he managed one of the largest Sterile Processing departments in the U.S., which reprocessed over 7000 items a month and supported 50 ancillary departments within the largest level 1 Trauma Center in the southeast.
This responsibility gave him the needed technical experience to co-design a product that is both functional and needed within the healthcare industry.
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