cultivate(MD) Announces Investment Into Medical Ingenuities, LLC
HOLLAND, Mich., Nov. 20, 2018 /PRNewswire/ -- Genesis Innovation Group's cultivate(MD) Capital Fund II, LP, a fund focused on investments in early stage healthcare companies with innovative technologies, announces its investment into Medical Ingenuities, LLC.
Medical Ingenuities has developed a novel radial artery occlusion device, PH BandTM, that achieves and confirms patent hemostasis. PH Band's innovative design sets it apart from competitors in its ability to provide real time feedback to medical personnel monitoring radial artery patency to prevent radial artery occlusion. The device aids in reducing nurse workload and occlusion-related complications.
Chip Corrigan, CEO of the Wheaton, IL-based Medical Ingenuities said, "We are proud to announce that we just closed an investment from Genesis Innovation Group's cultivate(MD) fund. These funds will allow Medical Ingenuities to continue the regulatory process, required validation and testing to file our FDA submission in early 2019." He added, "We are excited to partner with Genesis Innovation Group as they are experienced medical device business operators with whom we can also partner for the commercialization of the PH Band."
R. Sean Churchill, MD, Medical Director, Genesis Innovations Group stated, "This is exciting because we are not aware of any other device on the market that allows physicians the ability to document hemostasis at the insertion site and also verify that the radial artery remains open and freely flowing. The Medical Ingenuities patent hemostasis technology not only reduces surgical site complications, but it allows for reduced patient morbidity, reduction in overall procedure time, and the benefit of documentation of an intact and freely flowing radial artery at the time of discharge. This dramatically improves patient safety, care, and the overall surgical experience. We expect this technology to soon become the gold standard for treatment in radial artery catheterization."
Don Running, VP, Research & Development, Genesis Innovation Group added, "At cultivate(MD), we are always seeking technologies with the potential to be disruptive in their segment of medical devices. We believe we have found another one with Medical Ingenuities' innovative approach to the rapidly expanding field of radial artery catheterization. With strong intellectual property protection and experienced leadership in this segment, we look forward to their new Patent Hemostasis (PH) Band becoming the industry standard."
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forwarding-Looking Statements
Certain Statements in this press release constitute forward-looking statements. When used in this press release, the words "will," "anticipate," and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of fund, its general partner, cultivate(MD) or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
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SOURCE Genesis Innovation Group