cultivate(MD) Announces Investment Into SafKan Health
HOLLAND, Mich., July 10, 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 SafKan Health, Inc.
SafKan has developed a novel cerumen removal system, OtoSet, which addresses the problem of impacted earwax. While not widely reported, impacted ear wax removal procedures are frequent and time-consuming for Family Practice physicians and Ear, Nose and Throat specialists. "The SafKan device is designed to be a simple and effective solution for a common problem," said Sahil Diwan, SafKan's Co-Founder and CEO. "SafKan takes a time-consuming and sometimes unpredictable procedure and reduces it to under one minute."
"The SafKan team has been very resourceful and capital efficient in building functional prototypes, conducting a patient safety study and in forming an impressive clinical advisory team. We are committed to SafKan and support their commercial strategy to launch OtoSet into Family and ENT practices followed by clinics and the consumer home healthcare market," said Matt Ahearn, Managing Director of the cultivate(MD) Fund. "I was so impressed with the SafKan team's simple and elegant solution to a widely understood, yet underserved problem. We consider the opportunity to have a high likelihood of success with fewer risk factors than we typically face," added Rob Ball, CEO of Genesis Innovation Group.
SafKan is currently progressing with work on their beta program and partnering with health systems across the United States to develop and publish case studies. The company will use the funds to secure 510k clearance, build initial inventory and for targeted commercialization.
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.
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.
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