Genesis Innovation Group's cultivate(MD) Capital Fund II, a medical device venture capital fund dedicated to bring emerging health care innovations to market, has invested Medical Ingenuities.
Image: cultivate(MD) invests in Medical Ingenuities. Photo: Courtesy of adamr at FreeDigitalPhotos.net.
Medical Ingenuities has developed a novel radial artery occlusion device, PH Band, that achieves and confirms patent hemostasis.
PH Band’s innovative design sets it apart from competitors in its ability to provide real time feedback to medical personnel monitoring radial artery patency to prevent radial artery occlusion. The device aids in reducing nurse workload and occlusion-related complications.
Medical Ingenuities CEO Chip Corrigan said: “We are proud to announce that we just closed an investment from Genesis Innovation Group’s cultivate(MD) fund. These funds will allow Medical Ingenuities to continue the regulatory process, required validation and testing to file our FDA submission in early 2019.”
“We are excited to partner with Genesis Innovation Group as they are experienced medical device business operators with whom we can also partner for the commercialization of the PH Band.”
Genesis Innovations group medical director R. Sean Churchill said: “This is exciting because we are not aware of any other device on the market that allows physicians the ability to document hemostasis at the insertion site and also verify that the radial artery remains open and freely flowing. The Medical Ingenuities patent hemostasis technology not only reduces surgical site complications, but it allows for reduced patient morbidity, reduction in overall procedure time, and the benefit of documentation of an intact and freely flowing radial artery at the time of discharge.
“This dramatically improves patient safety, care, and the overall surgical experience. We expect this technology to soon become the gold standard for treatment in radial artery catheterization.”
Genesis Innovation Group research & development vice president Don Running said: “At cultivate(MD), we are always seeking technologies with the potential to be disruptive in their segment of medical devices. We believe we have found another one with Medical Ingenuities’ innovative approach to the rapidly expanding field of radial artery catheterization.
“With strong intellectual property protection and experienced leadership in this segment, we look forward to their new Patent Hemostasis (PH) Band becoming the industry standard.”
Source: Company Press Release