Genesis Innovation Group’s cultivate(MD) Seed II Fund, a fund focused on investments into early-stage healthcare companies with innovative technologies, announces that one of their portfolio companies, Wheaton, IL-based Medical Ingenuities, LLC, a medical device company that has developed a novel PH Band™ radial artery occlusion device, has closed its Series Seed Preferred round of fundraising. cultivate(MD) Seed II Fund was the lead investor in the financing round.
The PH Band™ addresses the persistent complication of Radial Artery Occlusion (RAO), which occurs in approximately 10% of the 3 million cardiac catheterization procedures performed using a radial approach annually in the United States. The first-of-its-kind device is used in conjunction with a micro-Doppler probe to achieve patent hemostasis after a minimally invasive cardiac or vascular procedure and has the ability to provide real time feedback to medical personnel monitoring radial artery patency to prevent radial artery occlusion. Its use reduces occlusion-related complications while also reducing nurse workload.
Don Running, a member of the Medical Ingenuities Board of Directors, said, “Interventional cardiologists appreciate the value of an improved, more accurate and efficient method to achieve patent hemostasis. PH Band™ achieves those goals and reduces overall complications and healthcare costs while increasing patient satisfaction. Medical Ingenuities is grateful to partner with Genesis Innovation Group’s cultivate(MD) Seed II Fund as their investments are focused on companies and products able to deliver medical device innovation to bring impactful change to healthcare.”
Medical Ingenuities will focus its initial market launch on key opinion leader hospitals within 10 healthcare systems where new physicians are being trained in the radial access approach. One of the facilities that committed to participate performs 6,000 cardiac interventional procedures a year, 80% of which use radial access.
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a focus on investing in early stage healthcare companies with innovative medical device and orthopedic technologies that have demonstrated evidence of effectiveness. Cultivate(MD) is in the process of launching their Accelerator Fund, a $30M fund that will focus on advancing their Seed Fund II portfolio companies .
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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