Medical-device startup Pursuit Vascular has closed nearly $1.6 million in capital following regulatory approval of its infection-fighting catheter technology.
The Maple Grove, Minn.-based company's product, the ClearGuard HD, is an antimicrobial rod that’s inserted into hemodialysis catheters to kill infection-causing microorganisms. Kidney-disease patients undergoing regular hemodialysis treatment often have a catheter left in their chests, which can increase the risk of infection.
Pursuit Vascular is developing a family of innovative single-use products that may protect patients from life-threatening infections and may provide substantial savings to the global healthcare system.
The U.S. Food and Drug Administration cleared Pursuit's device for sale in December, according to the agency's website.
Pursuit recently closed on $1.567 million in equity financing and aims to raise a total of $1.6 million, according to a regulatory filing. About $400,000 of the funds will go toward paying executive salaries. A total of 39 investors participated in the funding round.
Pursuit closed on $750,000 in bridge financing in the first quarter of 2012 and another $1.3 million later that year, the Minneapolis/St. Paul Business Journal reported.
The Atlanta, Ga.-based Centers for Disease Control and Prevention has identified catheter-related blood stream infections (CRBSI) as one of its seven major healthcare challenges; with mortality rates up to 25% and economic costs in the billions of dollars. In the US alone, nearly 500,000 new cases of CRBSI are reported each year, with costs exceeding $3 billion. The need for improvement is compelling and urgent.