Charleston, South Carolina (PRWEB) February 22, 2008
Sabal Medical Inc, a privately held company whose products are helping hospitals deliver medications to their patients more safely and efficiently, announced today that it has successfully closed its first institutional investment financing. The financing was led by Nexus Medical Partners of Quincy, MA, and its German affiliate, Medicis Ventures Management GmbH of Munich. Mr. Gregory Zaic, a senior partner of Nexus, will join the Company's Board of Directors. Nexus was joined in the financing by existing investors led by SC Launch! of South Carolina.
"This is a very exciting time for our company," said Bill Park, President and CEO of Sabal Medical. "This investment is a huge vote of confidence from our existing and new investors. It provides us the runway needed to successfully complete the establishment of pilot programs with several leading hospitals and to commence our production efforts," said Park.
"The Sabal system provides the last vital link in the error-free administration of drugs to hospital patients and will play a key role in reducing medication errors and the costs of administering them", Mr. Zaic commented. "Such errors now cost US hospitals $2 billion per year treating their patients' preventable adverse drug events," Zaic continued.
Sabal Medical was initially recruited to South Carolina from Seattle, Washington in late 2006 by an investment from SC Launch!, a South Carolina state-funded source of seed investment capital. Since then, Sabal has successfully produced and demonstrated a prototype version of their flagship patient safety product, MedCenter™, to several eastern US hospitals, and is on target to deliver a commercial version later this year. MedCenter™ is a mobile medication cart that uniquely provides nurses with secure and audited bedside access to patient medications through an innovative combination of electro-mechanical control coupled with computer software, and in a footprint small enough to easily fit into a patient's hospital room. The goal of MedCenter™ is to help eliminate medication errors, improve medication inventory management, and increase nursing efficiency---improving patient care while reducing costs.
About Sabal Medical
Founded in 2006, Sabal Medical is headquartered in Charleston, SC and is providing bedside mobile automation technology to improve the safety and efficiency of medication administration for hospitals and long-term care facilities.
About Nexus Medical Partners
Nexus Medical Partners, a private equity firm specializing in making private equity investments in and providing strategic assistance to medical technology and selected life science companies. Nexus has offices in Quincy, MA, Charleston, SC and Munich, Germany. Nexus and its Munich-based affiliate, Medicis Nexus Partners GmbH, supplied all of the institutional capital for the Company.
About SC Launch!
SC Launch!, an SCRA affiliate, assists entrepreneurial start-up companies with up-front counseling, seed-funding, and access to a powerful resource network. The SC Launch! mission is to help generate knowledge economy jobs in South Carolina, enhance the state's quality of life and provide opportunity for all South Carolinians in the new economy.
About SCRA (http://www.scra.org)
SCRA is a global leader in applied research and commercialization services with offices in Anderson, Charleston, and Columbia, SC. SCRA collaborates to advance technology with industry, government, and research universities like Clemson University, the University of South Carolina and the Medical University of South Carolina.
SC Launch! ™ is a trademark of SC Launch!, Inc. SCRA® is a registered trademark of SCRA.