SafeShot Technologies Secures $9 Million Financing

SafeShot Technologies Inc. (SafeShot) has completed a $6 million financing round, its second in as many years. The company will use the proceeds to execute its new business strategy aimed at filling the gap in the supply of sterile injectable medications to the medical community.

Compounding pharmacies troubled by quality concerns and product recalls have left hospitals and pharmacies in short supply of much needed medications. SafeShot hopes to address this need by building a quality, fully compliant, syringe-filling capability, leveraging its technology and focusing on underserved points of care.

“The quality issues with compounders have been well-publicized and the impact on affected patients can be terrible,” said Robert W. Beart, M.D., SafeShot director and world-renowned colorectal surgeon. “But other factors are not as widely understood by the public. Hospitals are facing drug shortages so patients can’t get the meds they need; this issue is heightened as half-full vials are discarded due to reuse concerns. Nursing time and staff resources are used preparing an injection and the process is more susceptible to medication error and contamination than pre-filled medications. These problems can be addressed by SafeShot.”

In parallel with the financing (which is triple last fall’s $3 million round), SafeShot has converted from a limited liability corporation to a Delaware C-Corporation, has expanded its management team and has joined the Reprise Technologies medical device incubator in Menlo Park, Calif. Reprise will provide management and technology expertise to SafeShot.

Comprising SafeShot’s new management team are Jeff Tillack as chief operating officer and John A. Merhige as chief commercial officer. Tillack previously was vice president of operations at Calibra Medical and Conor, while Merhige worked as vice president at Pluromed and Sanofi.

“The infusion of talent and capital into the company is energizing,” SafeShot Founder Dan Thayer said. “We have game-changing technology and now the resources and skill to fulfill the vision we had when we started. With this team, SafeShot will deliver on its promise to improve patient safety and reduce risk for caregivers and hospitals.”

SafeShot has relocated its headquarters to Menlo Park, Calif. The early-stage medical company is focused on improving patient safety.