A Medical Device Daily
Vidacare (San Antonio), a provider of intraosseous access technology to the medical community, reported that the company has closed a $7.6 million private equity Series D1 financing. The financing will provide capital to launch Vidacare's hematology/oncology product, the OnControl bone marrow system, and its OnControl bone access system for spinal surgical procedures as well as provide support for ongoing global expansion efforts for its EZ-IO vascular access system.
The financing was led by Piper Jaffray, along with Tullis Health Investors and Incyte Venture's Targeted Technology Fund I, and from the existing investor base.
Vidacare's first product, the EZ-IO vascular access system is designed to provide immediate vascular access for the delivery of essential drugs and fluids and has been inserted in more than 300,000 patients worldwide.
Vidacare's OnControl bone marrow system will provide the first advancement to bone marrow biopsies and aspirations in more than 50 years, offering patients and clinicians a vastly improved procedure option.
In addition, the OnControl bone access system has received FDA 510(k) clearance for use in spinal surgical procedures such as vertebroplasty and is scheduled to commercially launch in 2010.
"The continued advancement of our intraosseous technology platform has exciting potential for clinicians and patients in a multitude of applications, and this funding supports our continued aggressive positioning to maximize IO opportunities," said Vidacare's president/CEO Phil Faris.