Healthcare Industry News: HSMN NewsFeed
News Release - October 19, 2017
Spinal Singularity Closes Seed Funding Round for $3.1MSAN CLEMENTE, Calif., Oct. 19, 2017 -- (Healthcare Sales & Marketing Network) -- Derek Herrera, the founder of Spinal Singularity, announced the closing of an equity investment in the amount of $3.1M. The round was led by Baker & Eastlack Ventures and included investment from Western Technology Investments, YCombinator, Santa Barbara Angels, OC Service Academy Angels, SV Tech Ventures, Storm Industries, Particular Ventures, IverNet Holdings and Angel Investors. Since 2015, Spinal Singularity has also earned over $500k in non-dilutive funding from sources including the NIH, NSF, IndieGoGo, the PrimeUC Competition (sponsored by Johnson & Johnson), and UCLA Business Plan Competitions.
The funds will be used to support the clinical validation of the Connected Catheter™, the first fully internal, extended-use catheter system for adult males with chronic Lower Urinary Tract Dysfunction. Each Connected Catheter™ may last up to 29 days in the body and could replace as many as 200 disposable intermittent catheters. This may greatly reduce the chances for complications like Urinary Tract Infections, while also reducing the number of catheterizations required for patients. Once approved/cleared by appropriate regulatory agencies, the Connected Catheter™ could radically improve the quality of life for millions of adult male catheter users worldwide.
In 2017, Spinal Singularity made key hires to expand the breadth of the team as they move into the next phase of development. This includes William 'Bill' Colone (CEO), Jeff Kasalko (Director of R&D), Stephanie Rallis (Director of Quality), and Shannon Metzger (Director of US Sales). Derek stated, "I continue to be amazed by our team! The knowledge, passion, and experience they bring to develop our life-changing product is truly noteworthy. I couldn't think of a better group to lead our company as we move into clinical testing." Added Jaime Landman, MD, Professor of Urology and Radiology and Chairman, Department of Urology at University of California, Irvine "I am confident that your Connected Catheter™ technology stands to make a significant clinical impact on the male urologic patient population, and I am pleased to have my staff and facilities involved in its further development, clinical validation, and commercialization." Spinal Singularity anticipates commencing First-in-Man Clinical testing in 2017 and intends to file for CE Mark approval and FDA clearance in 2018.
Per most relevant market research reports, the Global Market Opportunity for disposable catheters is approximately $2.0B in topline revenues and is growing at 5.1% CAGR. Within this market, intermittent catheters are the fastest growing segment and the largest segment by revenues, accounting for over half of the market. Major companies currently serving these markets include B. Braun, Coloplast (COLO-B), MedTronic (MDT), C. R. Bard (BCR), Becton-Dickinson (BD), Hollister, and Teleflex (TFX). The Connected Catheter™ will be the first significant technology innovation for male catheter patients in several years.
The Connected Catheter™ is currently an INVESTIGATIONAL DEVICE ONLY and Limited by Federal (or United States) law to investigational use.
Source: Spinal Singularity
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