Tangent chairman and CEO Jeff Williams said Tangent is planning to use the proceeds for regulatory filings and commercial launch of the company’s NovaCath Closed IV Catheter System.

The NovaCath system is a peripheral intravenous (PIV) catheter system which is designed to minimise the problems associated with current PIV catheters and improve healthcare worker safety and patient comfort.

Osage Ventures and several angel investors, who are responsible for the initial seed funding for the company, are also participating in the financing.