(Source: Business Wire)
Vidacare Corporation, a leading provider of intraosseous access technology to the medical community, announced today that the company has closed a $7.6 million private equity Series D1 financing. The financing will provide capital to launch Vidacare's hematology/oncology product, the OnControl Bone Marrow System, and its OnControl Bone Access System for spinal surgical procedures as well as provide support for ongoing global expansion efforts for its EZ-IO® Vascular Access System.
The financing was led by Piper Jaffray, along with Tullis Health Investors and Incyte Venture's Targeted Technology Fund I, and from the existing investor base.
Established in 2001, Vidacare Corporation's award-winning technology platform incorporates patented power-driver and needle technology to provide a safe and effective method to access the intraosseous space (inside the bone).
Vidacare's first product, the EZ-IO® Vascular Access System provides immediate vascular access for the delivery of essential drugs and fluids and has been inserted in over 300,000 patients worldwide. The system is used by 60 percent of US advanced life support ambulances and over half of US Emergency Departments, as well as the U.S. Military, and is available in over 50 countries worldwide.
Vidacare's OnControl Bone Marrow System will provide the first advancement to bone marrow biopsies and aspirations in more than 50 years, offering patients and clinicians a vastly improved procedure option. OnControl will commercially launch in the 3rd and 4th quarters of 2009.
In addition, the OnControl Bone Access System has received FDA 510(k) clearance for use in spinal surgical procedures such as vertebroplasty and is scheduled to commercially launch in 2010.
"Raising money in this turbulent time has been a significant undertaking," commented Vidacare's CEO and President Phil Faris. "This round of investment speaks volumes about what Vidacare has accomplished to date and to the promise of what we will accomplish over the next few years. The continued advancement of our intraosseous technology platform has exciting potential for clinicians and patients in a multitude of applications, and this funding supports our continued aggressive positioning to maximize IO opportunities."
Headquartered in San Antonio, TX, Vidacare is the leading developer, manufacturer and marketer of advanced intraosseous technology which offers the potential to establish new standards of clinical excellence in the safe, rapid performance of medical procedures using the intraosseous space.
