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News
Release: December 1, 2008
Innovative IV Catheter Receives FDA Clearance and Secures Funding from Washington Area Venture Capital Firm
New FirmGrip™ IV catheter system protects against risks of infection, patient discomfort and procedure costs
Rockville, MD, Dec 1 - (HSMN NewsFeed) - The Zitelman Group announced today it has led a $600,000 Series B Preferred equity round for Israel-based medical device firm, Flexicath, Ltd. Flexicath received a 510(k) clearance from FDA in October, allowing it to place its FirmGripTM sterile catheter intravenous (IV) system in the U.S market. The funding will be used to ramp-up U.S. and international sales and marketing for the FirmGrip™ catheter.
The patent pending Flexicath FirmGrip™ is designed to meet the market needs for the largest segment of IV catheterizations, those lasting up to 29 days. FirmGrip™ may save the need for a sterile sheet by enclosing the catheter in a special self-contained package that permits insertion without removing the catheter from the sterilized coating sleeve until the procedure is complete and the catheter is in the vein. The system makes the IV insertion process faster and less expensive, and allows any member of the medical team-paramedics, nurses, and physicians-to insert the catheter. Thanks to its soft silicon base and pivoting access, the product provides greater comfort to patients and spares them the discomfort and increased risk of infection from having a new IV inserted every three to four days, which is the current practice.
According to industry data, more than 42.5 million IV drug procedures are performed each year in the United States alone; the figure for the rest of the world is more than twice this number-nearly 100 million. In financial terms, this represents a market of about one billion dollars a year.
Rick Zitelman, principal of The Zitelman Group said, "We are very pleased to be helping Flexicath bring this important new health care technology to the U.S. market, and we congratulate them on receiving FDA clearance for this purpose."
Established in 2004, Flexicath (www.flexicath.com ) is a company which emerged from the Misgav Venture Accelerator, an Israeli incubator program. The Company has received grant funding from Israel's Office of the Chief Scientist and investment from the Trendlines Israel Fund.
The Zitelman Group ("TZG" www.tzg.com ) is a Washington, DC area Merchant and Investment Banking firm. Since 1985, TZG has advised and invested in early- and growth-stage companies as well as real estate projects. TZG is focused on capital-raising, corporate finance advisory, and venture capital investments in growth-stage companies.
For additional information, please contact: Rick Zitelman, The Zitelman Group, Inc., rick@tzg.com, 12250 Rockville Pike, Rockville, MD 20852, (240) 292-0531.
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Source: The Zitelman Group
Issuer of this News Release is solely responsible for its content.
Please address inquiries directly to the issuing company.
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