12.01.14
Plymouth, Minn.-based Interrad Medical Inc. has oversubscribed its recent financing round to $7.5 million—which means that demand for security exceeded the security being offered by the company, which puts Interrad in a desirable position.
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 United States, and Lesmoir-Gordon, Boyle and Co., placement agent in Europe.
“We are very pleased with this latest investment round which is a significant endorsement of the SecurAcath opportunity,” said Interrad President and CEO Joe Goldberger. “The funds will be used to establish a European headquarters in the Life Sciences Hub Cardiff, Wales, United Kingdom, and expand global sales of the revolutionary SecurAcath device.”
“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,” said Arthurian Chairman Professor Sir Chris Evans commented. “I look forward to a long and fruitful partnership between the Arthurian team and Interrad Medical.”
According to Interrad, the SecurAcath has a low catheter dislodgement rate, which is hoped to decrease catheter replacement costs. The device is designed for improved catheter site cleaning and to minimize catheter movement, which may reduce catheter-related infections. SecurAcath is sutureless, hence eliminating the potential for needle stick injuries that can occur when suturing catheters.
Interrad Medical makes minimally-invasive interventional and surgical procedures.
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 United States, and Lesmoir-Gordon, Boyle and Co., placement agent in Europe.
“We are very pleased with this latest investment round which is a significant endorsement of the SecurAcath opportunity,” said Interrad President and CEO Joe Goldberger. “The funds will be used to establish a European headquarters in the Life Sciences Hub Cardiff, Wales, United Kingdom, and expand global sales of the revolutionary SecurAcath device.”
“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,” said Arthurian Chairman Professor Sir Chris Evans commented. “I look forward to a long and fruitful partnership between the Arthurian team and Interrad Medical.”
According to Interrad, the SecurAcath has a low catheter dislodgement rate, which is hoped to decrease catheter replacement costs. The device is designed for improved catheter site cleaning and to minimize catheter movement, which may reduce catheter-related infections. SecurAcath is sutureless, hence eliminating the potential for needle stick injuries that can occur when suturing catheters.
Interrad Medical makes minimally-invasive interventional and surgical procedures.