Durham med device startup 410 Medical raises $3.3M
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Durham, N.C. — 410 Medical Inc. of Durham has raised $3.3 million from five investors in a private stock offering, according to a filing with the Securities and Exchange Commission dated March 31.
The medical device company, which focuses on developing technologies for patient resuscitation, announced on March 23 that it closed an initial round of Series A funding led by the Texas private equity firm Bios Partners. The offering’s first sale occurred on March 17.
In February, 410 Medical launched its first U.S. commercial product, a hand-powered device called the LifeFlow Rapid Infuser, which allows health care providers to quickly and efficiently deliver fluids to critically ill patients.
“This new investment will further support our commercialization of the LifeFlow within hospitals and expand our reach to EMS and other areas where this device could have an extraordinary impact,” said Kyle Chenet, 410 Medical’s chief executive, in a statement.
After receiving FDA clearance in 2016, the LifeFlow device began an early-evaluation pilot run at Raleigh-based WakeMed Health & Hospitals in November.
Dr. Mark Piehl, 410 Medical’s co-founder and chief marketing officer, is a pediatric intenstivist at WakeMed in Raleigh.
“We know that early and aggressive fluid therapy can be one of the most important interventions in life-threatening illnesses like sepsis,” said Piehl in a February statement. “Our most common infusion methods are often slow and ineffective in emergency situations, and currently available rapid infusion techniques are complex and expensive. The LifeFlow Rapid Infuser offers an intuitive and affordable solution to this critical challenge.”
Luke Roush, another 410 Medical co-founder and the company’s chair, is a managing principal at California-based Sovereign’s Capital, an early investor in the Durham company. Sovereign’s Capital also invested in this latest round of funding.
According to previous regulatory filings, 410 Medical has raised at least $6.6 million in equity and debt since 2014.
The company, founded in 2013, did not disclose revenue, but it did say that the offering is not being made in connection with a business combination transaction.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
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