OKLAHOMA CITY, Dec. 12, 2017 /PRNewswire/ -- Linear Health Sciences today announced additional investment funding of $1.538 million, bringing total company financing to nearly $3 million. Linear Health Sciences is the developer of the Orchid Safety Release Valve (SRV)™ and other safety solutions for medical tubing.
The new round of funding was led by i2E Inc., a nonprofit corporation that invests in Oklahoma-based technology start-up companies. Additional investors also contributed to the funding round.
"I'm gratified to have i2E remain our lead investor for our Series A equity financing," said Ryan Dennis, MD, CEO, and co-founder of Linear Health Sciences. "The excitement in the investor community about our game-changing technology is reflected by the nearly immediate oversubscription of this latest offering. Having raised almost $3 million dollars, Linear Health is poised for a powerful market launch in 2018," Dr. Dennis said.
"We are pleased to be able to lead this latest funding round for Linear Health Sciences and have been very impressed with the progress the company has made to date. We believe the disruptive SRV technology will have a profound positive impact on the quality of hospital care that millions of children and adults will receive in the future," said Scott Meacham, president and CEO of i2E Inc. i2E receives state support from the Oklahoma Center for the Advancement of Science and Technology and is an integral part of Oklahoma's Innovation Model.
Linear has been innovative in plotting its growth, leveraging both private investments and the strengths of accelerator programs to help navigate the phases of product development. Chosen as a semifinalist in the Medtech Innovator 2016 competition, the company received a scholarship into the Medtech Innovator's Virtual Accelerator program. That work focused on product concept.
Linear Health was also selected as the first grantee for the Global Center for Medical Innovation, a comprehensive innovation accelerator that guides development and commercialization of medical device companies.
The company's initial funding included $1.2 million from i2E, SeedStep Angels, the Oklahoma Angel Fund, and other investors.
Potential advantages of Linear Health's Orchid Safety Release Valve include:
* Fewer IV restarts including painful needlesticks
* Reduced potential for more invasive treatment such as central lines due to loss of peripheral IV integrity
* Greater efficiency through avoiding dislodgements and unscheduled IV restarts
* Less exposure to sharps injuries and potentially infected blood
* Reduced potential for infiltrations, phlebitis and healthcare-acquired infections
* Cost savings due to more efficient use of nursing time and less need to replace entire IV setups because of accidental dislodgements
* Greater patient satisfaction
About Linear Health Sciences
Founded by a physician and two engineers, Linear Health Sciences is the developer of the Orchid Safety Release Valve and other safety technology solutions for medical tubing. Those solutions are designed to improve the healthcare experience for patients, caregivers and healthcare institutions. The estimated market for the company's technology is $1 billion annually. For more information, visit www.linearsciences.com.
Contact: Liz Dowling
Dowling & Dennis Public Relations
SOURCE Linear Health Sciences