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VC fund invests in medical device startup
A venture capital fund in the region focused on early stage health care companies with innovative technologies has made a new out-of-state investment.
The cultivate(MD) venture capital fund, by Holland-based Genesis Innovation Group, said last week it invested an undisclosed amount in Wheaton, Illinois-based Medical Ingenuities, the startup developer of a medical device called the Patent Homeostasis, or PH, Band.
The device is meant to prevent complications following the insertion of a catheter into the wrist artery, a procedure used to diagnose and treat certain heart conditions, according to Johns Hopkins Medicine.
The PH Band provides real-time feedback to medical personnel monitoring post-procedure artery recovery, meant to reduce nurse workload and complications.
Dr. R. Sean Churchill, the company’s medical director, said the technology allows for reduced patient morbidity, reduction in overall procedure time and documentation of an intact and freely flowing artery at the time of patient discharge.
“This dramatically improves patient safety, care and the overall surgical experience,” Churchill said, adding the company expects the technology to “soon become the gold standard for treatment” in this area.
Don Running, VP of research and development for Genesis Innovation Group, said he also expects the device to become the “industry standard.”
"At cultivate(MD), we are always seeking technologies with the potential to be disruptive in their segment of medical devices,” Running said. “We believe we have found another one with Medical Ingenuities' innovative approach to the rapidly expanding field of radial artery catheterization.”
The funds will allow Medical Ingenuities to continue the regulatory process, required validation and testing to file its FDA submission in early 2019, according to Chip Corrigan, CEO, Medical Ingenuities.
Medical Ingenuities was founded in 2016 by Corrigan.
Genesis Innovation Group
Genesis Innovation Group was founded by long-time friends and medical device entrepreneurs Rob Ball, Jeff Ondrla and Don Running, first to meet incoming demands for medical device development. The group later created the cultivate(MD) venture capital fund in 2014.
The fund promises a minimum $100,000 investment per project.