MINNEAPOLIS--(BUSINESS WIRE)--Interrad Medical, Inc. a privately held medical device company, announced today that it has oversubscribed its recent financing round to $7.5 million.
The funding round was led by Arthurian, a General Partner of the Wales Life Sciences Investment Fund. Additional funding was raised through a private placement by RBC Wealth Management Group in collaboration with RBC Capital Markets in the U.S., and Lesmoir-Gordon, Boyle and Co., placement agent in Europe.
Joe Goldberger, Interrad’s President and CEO commented, “We are very pleased with this latest investment round which is a significant endorsement of the SecurAcath opportunity. The funds will be used to establish a European headquarters in the Life Sciences Hub Cardiff, Wales, U.K., and expand global sales of the revolutionary SecurAcath device.”
Arthurian Chairman Professor Sir Chris Evans commented, “I am delighted that this investment by the Wales Life Sciences Fund will enable Interrad to expand their ground-breaking product into more European markets and beyond. I look forward to a long and fruitful partnership between the Arthurian team and Interrad Medical."
The SecurAcath device provides significant advantages and cost savings over current securement methods. The SecurAcath has a low catheter dislodgement rate which will decrease catheter replacement costs. The SecurAcath increases efficiency by decreasing the time required to secure, maintain and remove catheters. The device design allows for improved catheter site cleaning and minimizes catheter movement which may reduce catheter-related infections. Finally, the SecurAcath is sutureless, therefore, it eliminates the potential for costly needle stick injuries that can occur when suturing catheters. The SecurAcath has the potential to become the next standard of care for catheter securement.
About Interrad Medical, Inc.
Plymouth, MN based Interrad
Medical, Inc. is a developer, manufacturer and marketer of medical
devices, designed for minimally-invasive interventional and surgical
procedures. The Company was founded by practicing Interventional
Radiologist and Interrad Medical Chairman and Chief Medical Officer,
Michael Rosenberg, M.D. For more information, visit www.securacath.com
and download the new SecurAcath App at the App Store or Google Play.
About Arthurian
Arthurian is a specialist fund management
company specifically formed to act as General Partner of the Wales Life
Sciences Investment Fund, a £100 million fund investing in high-quality
emerging and established life sciences companies globally, where those
investments make a meaningful impact in the life sciences sector in
Wales.
About RBC Wealth Management
In the United States, RBC Wealth
Management operates as a division of RBC Capital Markets, LLC. Founded
in 1909, RBC Capital Markets, LLC. is a member of the New York Stock
Exchange, the Financial Industry Regulatory Authority, the Securities
Investor Protection Corporation, and other major securities exchanges.
RBC Wealth Management has more than $278 billion of assets under
administration and nearly 2,000 financial advisors operating in 200
locations in 42 states.
About Lesmoir-Gordon, Boyle and Co. Ltd.
Lesmoir-Gordon,
Boyle & Co. Limited, London, England, provides corporate finance and
capital markets services to entrepreneurial companies; and investment
advice to high net worth individuals, families and institutions.
This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, risks associated with litigation, clinical trials, the regulatory approval process, reimbursement policies and commercialization of new technologies.
