HOLLAND — Venture capital fund Cultivate(MD) Capital Fund II LP of Holland has invested in Medical Ingenuities LLC, a Wheaton, Ill.-based early-stage medical device company.
Medical Ingenuity is developing a device that reduces complications in the radial artery following a cardiac catheterization. The device enables physicians to document the stopping of blood flow at the insertion site, or hemostasis, during a catheterization and verifies the radial artery remains open and freely flowing.
“The Medical Ingenuities patent hemostasis technology not only reduces surgical site complications, but it allows for reduced patient morbidity, reduction in overall procedure time, and the benefit of documentation of an intact and freely flowing radial artery at the time of discharge,” Dr. Sean Churchill said in a statement.
Churchill serves as medical director for Holland-based Genesis Innovation Group LLC, a developer of health care technologies and creator of the Cultivate(MD) venture capital fund. “This dramatically improves patient safety, care, and the overall surgical experience,” he stated. “We expect this technology to soon become the gold standard for treatment in radial artery catheterization.”
Terms of the investment were undisclosed.
The funding allows Medical Ingenuities to continue through the regulatory process, validation and testing toward filing a U.S. Food and Drug Administration application in early 2019, CEO Chip Corrigan said.