CINCINNATI--(BUSINESS WIRE)--CincyTech is pleased to announce investment in Xact Medical. The company’s Fast Intelligent Needle Delivery (FIND) system would give clinicians a device to more precisely, quickly and conveniently place an object such as a needle tip in the body, reducing uncomfortable and time consuming trial and error.
Based on technology from Cincinnati Children’s and Ben Gurion University in Israel, the FIND system uses robotics and ultrasound to guide a needle.
“Cincinnati Children’s is increasingly a source of medical innovation and Xact Medical is the latest example,” said John Rice, PhD, director of life sciences at CincyTech and board chair of Xact. “CincyTech is excited to again partner with Cincinnati Children’s and be on the ground floor of this promising company.”
Daniel von Allmen, MD, surgeon-in-chief at Cincinnati Children's, and Hugo Guterman, PhD, a professor of electrical and computer engineering at Ben Gurion University developed the technology from idea to prototype.
"The fact that up to a third of central line placement attempts in kids fail on the first try is unacceptable,” said Daniel von Allmen, MD, surgeon-in-chief at Cincinnati Children's, who worked with Ben Gurion University professor Hugo Guterman, PhD. “This technology can drastically improve those results and improve outcomes for kids and adults."
Xact Medical will initially focus on central line placements in pediatric and adult populations, with plans to expand into additional markets such as biopsy. The company is currently testing its prototype and working toward FDA approval.
"FIND is bringing practical, affordable, point-of-care robotics to the patient’s bedside. I believe this technology has significant potential to improve patient outcomes while reducing costs to the healthcare system," said Andrew Cothrel, CEO of Xact Medical. "We are confident that with the institutional and financial support currently in place, Xact can meet its short- and mid-term goals as we move toward commercialization."
Terms of the investment were not disclosed.
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ABOUT CINCYTECH: CincyTech transforms innovation into high performing life science and digital companies in Southwest Ohio. Our team provides advice and capital to entrepreneurs, helps research institutions commercialize technology through startups, and catalyzes investment from individuals and institutions into regional companies.
ABOUT XACT MEDICAL: Xact Medical is developing the FIND system to enhance clinician capabilities to quickly and precisely place an object, such as a needle tip, into the body. Based on technology from Cincinnati Children’s Hospital Medical Center and Ben Gurion University in Israel, FIND is bringing practical, affordable, point of care robotics to the patient bedside.