11/30/2012 9:28:55 AM
On the heels of getting FDA approval for its NovaCath closed-system IV device, Scio Township-based Tangent Medical Technlogies has closed an $8.6 million round of funding. The medical device company is currently focused on producing the device and bringing it to market. Tangent Medical Technologies co-founders (l-r) Adrienne Harris, Elyse Kemmerer and Steven White stand next to an injectable training arm with an IV system. According to the U.S. Securities and Exchange Commission filings by the company, there are nine investors involved in this round of funding. While the investors were not disclosed, directors of Arboretum Ventures in Ann Arbor and Flagship Ventures in Cambridge, Massachusetts are listed as “related persons” in the document. Tangent, a University of Michigan spinoff company led by serial CEO Jeff Williams, received FDA approval in September for their IV device that they say will help cut costs to hospitals and discomfort in patients. The device is a new catheter that the company says will hold needles more steady, with the intention of making life easier for nurses and causing less pain for patients. The company believes they are entering a $1.3 billion market that has seen little innovation in the past 10 years.
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