Today, AngelMD is announcing the close of a $594,000 round of funding for Access Vascular, Inc.
SEATTLE (PRWEB) October 02, 2018
Today, AngelMD is announcing the close of a $594,000 round of funding for Access Vascular, Inc. The syndicate funding is part of the total $3.4 million round that has now been closed by the company.
A peripherally inserted central catheter (PICC) is a critical component to long-term intravenous treatments. However, the status quo for PICC equipment has an inherent problem -- the potential for deep vein thrombosis and pulmonary embolism. These conditions can occur because blood platelets begin to deposit on the PICC's surface immediately after placement. Based in Massachusetts, Access Vascular has developed the HydroPICC -- a PICC developed with proprietary bulk hydrophilic material which is highly resistant to platelet deposit.
"We are grateful for the support that our new and existing investors have given us as we prepare for the roll-out of our first product," said Access Vascular CEO James Biggins. "In addition to funding the initial post-market use of our FDA-cleared HydroPICC, the funds will support the development of other products in our pipeline. This includes a version of our device that may be capable of controlled release of drugs over an extended period of time to actively kill bacteria over the lifespan of the device."
Access Vascular has recently passed a number of milestones on its route to market release. In September, the company released the results of its preclinical studies. These studies showed that in in-vitro and in-vivo use, Access Vascular's HydroPICC achieved a 97 percent reduction in thrombus accumulation versus existing market options.
"I first became aware of the company through AngelMD. Access Vascular has met a huge need for vascular catheters that do not clot and cause complications for patients," said Syndicate Lead Dr. Min Yoon. "CEO James Biggins discussed the technology in depth, and had a clear strategy to provide a return to shareholders."
The company intends to begin a limited market release in October of 2018. This release will signal the first commercial use of the device.
AngelMD is an investment and networking platform connecting innovative medical startups, physicians, investors, and industry partners. Leading physicians from all over the US have joined AngelMD to help source, evaluate and advise companies in biotechnology, medical device, and healthcare technology. For more information, visit http://www.angelmd.co.
About Access Vascular
Access Vascular is reinventing venous access using our novel bulk-hydrophilic material platform to develop devices that address the key unmet need in the space—reducing catheter thrombus accumulation. Our technology has the potential to improve care, decrease complications and reduce costs by reducing complications resulting from thrombosis. The robust pipeline currently includes midlines, drug delivery catheters, dialysis catheter, and ports, all in various stages of development. More information is available at http://www.accessvascularinc.com.