SAN ANTONIO, July 30, 2014 /PRNewswire/ -- Bluegrass Vascular Technologies, a private medical technology company focused on innovating lifesaving devices and methods for vascular access, today announced it has closed $4.5 million in Series A financing, which was led by Targeted Technology Fund II. Proceeds from the deal will allow Bluegrass Vascular to obtain CE Mark for the Surfacer™ Inside-Out Access Catheter System, enhance manufacturing capabilities, and proceed with US regulatory submissions. The Surfacer System is a proprietary system that allows physicians to gain venous access using a novel "inside-out" approach.
"The Surfacer System addresses a significant unmet clinical need in the vascular access market by allowing physicians to gain access through a previously occluded vein," stated Alan Dean, Senior Managing Director of Targeted Technology Fund II, and Bluegrass Vascular Director. "With a growing market awareness of central venous occlusion and interest in maintaining access, we believe Bluegrass Vascular is well positioned to have a strong presence in the dialysis and chemotherapy markets and is a valued addition to our investment portfolio."
The Targeted Technology Fund is a venture capital firm focused on early stage healthcare companies that offer disruptive technologies with compelling market needs. A leader in funding medical technology innovation in the Southwest, Targeted Technology Fund II stated that Bluegrass Vascular will relocate their headquarters to San Antonio as part of the deal.
Approximately 6.5 million patients, worldwide, require central venous access (CVA) for medical treatment and it is estimated that more than 40% of those patients will develop a venous thrombosis, which may compromise their medical care. After all central veins become compromised, patients must resort to invasive surgical techniques to gain or maintain CVA. The Surfacer System maintains access in an occluded vein, halting the progression to invasive surgery and downstream health risks associated with poor circulation, using a less risky inside-out approach.
"This financing enables us to pursue CE Mark applications and take us one step closer to providing a better solution for patients with venous obstruction," commented Jim Clifton, CEO of Bluegrass Vascular. "The Targeted Technology Funds have a strong track record of bringing ground-breaking medical technology to market. We are pleased they share our vision for the Surfacer System and we look forward to commercializing the product in Europe and United States."
About Bluegrass Vascular Technologies: Founded in 2011, Bluegrass Vascular Technologies is a medical technology company dedicated to developing and commercializing life-saving devices and methods that address shortcomings in vascular access procedures. The company's initial product offering, the Surfacer™ Inside-Out Access Catheter System, is a proprietary system that allows physicians to perform a novel "inside-out" approach to gaining venous access. For more information, please visit www.bluegrassvascular.com.
SOURCE Bluegrass Vascular Technologies