Credence MedSystems has secured $12.8m series B financing, which will be used to support ongoing development and scaling of its portfolio of advanced drug delivery products.
The company will use the funding to support scaling of its lead product, Companion staked needle syringe system, and advance the ongoing product development within its pipeline.
Credence is providing Companion in luer needle, staked needle and dual chamber reconstitution configurations.
The users perform the injection and receive end-of-dose cues across the platform. Later, the needle automatically retracts into the syringe, helping to prevent reuse.
Credence CEO Jeff Shanley said: “This investment comes at a great time for us.
“Increasing our manufacturing capability to commercial volumes will support our collaborations with customers and strategic partners. Additionally, we plan to progress development on other innovative products, including our Dual Chamber Reconstitution Safety Syringe and our connected health platform.”
The Companion syringe is said to aggregate the firm’s components with existing syringe or cartridge barrels and other primary package components from the industry’s major suppliers.
The combination allowed to produce device to protect users against accidental needlestick and prevent reuse, while offering critical user-friendly features for healthcare professionals.
Credence was founded to provide advanced drug delivery devices to the pharmaceutical industry.
Credence said it has developed a platform of injectable drug delivery products, which will maximize the effectiveness of the injection system and minimize the risk of implementation for its pharma customers.
The Companion safety syringe system will help pharmaceutical manufacturers to protect their end users, in addition to preserving existing processes, sourcing strategies and preferred primary package components.
Credence COO Jeff Tillack said: “Protecting users is vital; so is enhancing usability so that medications are injected properly. This device is designed to do both, while allowing pharma to choose their preferred components and preserve their existing processes and supply chain strategies.”