Octet's successful Series B round represents an important advance toward OMEA use in clinical trials
SAN DIEGO, July 14, 2023 /PRNewswire-PRWeb/ -- Octet Medical, Inc., a private medical device firm, announced today a $10 million Series B financing round. This funding, which follows Octet's $6 million series A raise, brings the total capital raised to $16.8 million. The proceeds of the series B will enable Octet to advance the development of the Octet Medical Electrostatic Applicator (OMEA) for use in clinical trial programs.
"The OMEA electrostatic sprayer with interchangeable single use disposable product cartridges will reshape how clinicians apply topical therapeutics," said Octet CEO, Bud Brainerd, adding, "the series B round will enable our team to advance the production of the existing OMEA prototypes into units that can be used in clinical trial programs."
The OMEA sprayer is designed around the principles of electrostatics, transforming a sprayed fluid into charged particles that uniformly coats and adheres to the targeted surface tissue. Brainerd described that the OMEA system is designed to be a versatile platform with a variety of different disposable cartridges, each with a specific purpose. The company is doing research around cartridges specific to antiseptic/analgesics, cartridges containing biologics, such as stem cells, as well as polymer-containing cartridges for electrospinning to cover wounds.
"I am thrilled to welcome the Series B investors who have invested in Octet," said Cliff Wright, Octet Medical's Founder and Chairman of the Board. "This funding, along with the talent assembled at Octet, will accelerate our path to market and bring the application of topical therapeutics into the 21st Century."
For more information, please visit: http://www.octetmedical.com.
About Octet Medical, Inc.
Octet Medical is a San Diego-based medical device company focusing on developing electrostatic technology to enhance the application and treatment of topical conditions. OMEA, the company's leading asset, uses a proprietary design to electrostatically charge reagents, enabling the particles to fully disperse into the contours of a target tissue and adhere to the desired area. Octet believes that the platform can enhance the ability to provide significantly greater coverage with less volume of reagent and that this efficiency will yield health-economic advantages. For more information, please visit http://www.octetmedical.com.
SOURCE Octet Medical