Healthcare Industry News: vascular access
News Release - January 24, 2006
Ash Access Technology, Inc. Announces a Private Fund Managed by Bear Stearns and Other New Investors Have Subscribed to Their $6M Series B Round of FinancingFunds From Closely Held Financing Are Earmarked to Commercialize Emerging Antimicrobial and Catheter Products
LAFAYETTE, IN--(Healthcare Sales & Marketing Network)--Jan 24, 2006 -- Ash Access Technology, Inc., a privately held biomedical and medical device firm, announced today that it has raised $6 million dollars and closed a Series B round of financing with the assistance of Periculum Advisors, LLC, Indianapolis, an affiliate of Periculum Capital Company, LLC. The lead investor was a syndicate including a private fund managed by Bear Stearns, Frantz Medical Venture Fund I, L.P. and a group of individual investors associated or affiliated with the aforementioned institutions. Also investing were 8 Plus Ventures LLC, individual investors principally from the States of Indiana and Wisconsin, and the Company's executives, directors and existing shareholders.
"We are very optimistic about the future of Ash Access Technology. The flagship antimicrobial therapy is really a specialty pharma product that could meet a very large unmet need in today's market. Our syndicate is made up of successful healthcare executives and investment experts who can provide significant strategic value to Ash Access Technology as they move toward commercialization of their product line," said Joe Riccardo, who manages the Bear Stearns private fund.
The Indiana Economic Development Corporation provided tax credit incentives for Indiana investors through their Venture Capital Investment Tax Credit program. According to Bruce Kidd, Director of Small Business & Entrepreneurship at the IEDC, "Ash Access Technology is precisely the kind of high potential young company with market changing products that we believe Angel and VC investors are looking for in Indiana, and that the VC Tax Credit Program was designed to benefit."
"It is gratifying to see respected members of the investment community understand our vision and come alongside us after comprehensive due diligence. Their validation and enthusiasm to help us bring our life-saving products to market to combat infection amidst the growing antibiotic-resistant healthcare crisis, is a significant milestone in the growth of our company," said Bob Truitt, President and CEO of Ash Access Technology, Inc.
Funds are earmarked for the commercialization of Ash Access Technology's emerging product lines, including promising antimicrobial technologies, catheters, and other catheter-related products focused on infection prevention and maintaining patency (flow) of central venous catheters. The flagship product prevents bacterial and biofilm growth while maintaining patency in long-term central venous catheters such as those used by many dialysis patients. The pivotal six-month trial of this new product has been approved by the FDA and is scheduled to begin enrolling patients in May 2006 at ten sites across the country.
"We believe our core technology will establish an important new class of therapy. Our antimicrobial product has the potential to prevent high cost, life-threatening, catheter-related bloodstream infections (CRBSI) and complications without contributing to the difficulties associated with the rise in antibiotic-resistance. The quality and sophistication of our investors is a strong endorsement of our current strategy and prospective business model," said Carmine Durham, Vice President, Sales, Marketing and Business Development.
Ash Access Technology, Inc. (www.ashaccess.com) is a privately held company founded to develop antimicrobial and vascular access technologies, devices and methodologies to combat the deadly and expensive problem of catheter-related bloodstream infections, with an emphasis on prevention. Dr. Stephen R. Ash, Chairman and Director, Research and Development, is a practicing Nephrologist with the Arnett Clinic in Lafayette, Indiana, and is a world-recognized researcher and patent holder in extracorporeal devices, sorbent chemistry, and vascular and peritoneal access devices. Ash Access Technology is located in Lafayette, Indiana, in the INOK Business Center.
This press release contains forward-looking statements, which if not based on historical facts, involve risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company's control.
Keywords: Bear Stearns, Joe Riccardo, biomedical investments, antimicrobial, antibiotic resistance, bloodstream infections, CRBSI, catheters, Ash Access Technology, FDA, clinical trial, dialysis, medical devices, Indiana biotech
Source: Ash Access Technology
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