Access Scientific Completes $10 Million Financing Round
Published: Jun 09, 2011
SAN DIEGO--(BUSINESS WIRE)-- Access Scientific, Inc. (ASI) today announced the successful completion of a $10 million round of financing. The round was led by CAC and further supported by the company’s previous institutional investors. ASI said the funds will be used to facilitate commercialization of the company’s transformative new product, The POWERWAND®, through the hiring of a direct sales and clinical force. “The commitment from CAC and our existing investors will allow us to improve the hospital in-patient experience worldwide with this groundbreaking new vascular access technology,” said Steve Bierman, M.D., CEO of Access Scientific. “Recently released clinical trial results on the device prove that many patients can now have one and only one needlestick for vascular access throughout their entire hospitalization. Blood tests can be drawn and fluids/medications administered—all through a single POWERWAND that can last without complications for the length of the patient’s stay.” The POWERWAND is an extended-dwell, power-injectable 3.1 inch IV catheter delivered by means of The WAND’s® proprietary Accelerated Seldinger Technique. “Nearly all hospitalized patients today receive IV therapy. Patients’ fear of needles is commonly known in healthcare, and the POWERWAND will help reduce the number of needlesticks patients must endure throughout their hospitalization and should positively affect patient satisfaction,” said Rod Dammeyer, Managing Director of CAC, a private equity firm headquartered in San Diego, Calif. “The Access Scientific management team has a strong and proven track record in bringing vascular access innovations to market.” Prior to introduction of The POWERWAND, an independent clinical trial conducted by Orlando Regional Medical Center found that patients reported a 58% dissatisfaction rate due to complications and repetitive venipunctures associated with peripheral IV catheters. POWERWAND patients, according to the study, instead rated their satisfaction very highly, at a 9.8 out of 10 satisfaction rating. In addition to improving the inpatient experience, the new device can help reduce healthcare workers’ risk of an accidental, potentially dangerous needlestick. The POWERWAND is the second WAND product introduced by Access Scientific, Inc. The first is The PICC WAND, currently distributed by both ASI and Teleflex Medical. Both products enable clinicians to perform the Accelerated Seldinger Technique using the WAND’s proprietary all-in-one safety introducer—which is safer, simpler and faster than standard over-wire insertions. The POWERWAND delivers a power-injectable, extended-dwell midline catheter; the PICC WAND delivers a Teleflex peelable sheath introducer for insertion of peripherally inserted central catheters. Access Scientific plans to introduce additional WAND iterations in the near future. About Access Scientific Access Scientific, a privately held medical device company, is dedicated to providing a safer standard of over-wire vascular access through its proprietary WAND technology. ASI’s team of seasoned device-company veterans is focused on improving patient and healthcare worker safety through the combination of superb design/engineering and exacting quality assurance. The WAND was developed by the same Venetec International, Inc. team that invented StatLock® catheter stabilization devices and made them the worldwide standard. For further information on the company, go to www.The-Wand.com, email Customer Service at PCook@the-wand.com, or call 858-259-8333.