BUSINESS WIRE --Catheter Connections, Inc. (www.catheterconnections.com) and Kickstart Seed Fund/vSpring Capital jointly announced today that the Company has raised $1.3 million in seed capital.
The funding enables the Company to further develop and commercialize its lead product, a proprietary device designed to prevent hospital-acquired infections (HAI) resulting from catheters.
Hospital-acquired infections are the fourth largest killer in the U.S. The Centers for Disease Control and Prevention (CDC) estimates that as many as two million people suffer from HAIs annually in the U.S., resulting in more than 100,000 deaths. This equates to as many deaths as caused by auto accidents, AIDS and breast cancer combined. Extrapolated nationally, costs are estimated to be $46 billion. As of October 2008, neither the Centers for Medicare & Medicaid Services (CMS), nor large insurance companies reimburse costs for certain HAIs. Prevention is a national priority.
Seed Funding
The round was led by Kickstart Seed Fund, which mentors and funds startups with tremendous potential.
“Although funding for startups has been hit hard in this recession, and competition is fierce, the strongest companies with promising technologies, capable and creative management, and highly focused business plans, like Catheter Connections, are positioned to not only attract funding, but to thrive,” stated Gavin Christensen, Kickstart’s Managing Director. “That is what enticed investment by Kickstart Seed Fund and other premier groups like Peterson Ventures, LLC and Albion Financial Group (Salt Lake City), the Life Science Angels (Palo Alto), Aphelion Capital (San Francisco) and Sears Capital Management (Los Altos).”
Building a Proficient Executive Team
Vicki E. Farrar, CEO, Co-founder and Director, announced several appointments.
* Donald Solomon, Ph.D. is President & COO and a Board member. Dr. Solomon brings 30 years of experience in the healthcare field in vascular access, anti-infective technology, oncology and drug delivery, holding over 50 patents. His prior affiliations include: VP, COO & CTO of Specialized Health Products International (SHPI); VP R&D, Johnson & Johnson Medical-Vascular Access; and Worldwide Director of R&D for Becton, Dickinson and Company. * Guy Jordan, Ph.D. was appointed Chairman of the Board and brings over 30 years of experience in the medical industry in vascular disease, oncology and gastroenterology. He was previously Chairman of SHPI and Group President at C.R. Bard, and currently serves on several medical device boards. * Anne DeGheest, M.S., MBA was appointed as a Board member. Ms. DeGheest founded MedStars in 1986, an investment and executive management firm specializing in starting and developing new life science companies with innovative new products and services. She co-chairs the Device Screening Committee for Life Science Angels. * Brian Cummings was appointed to the Board. Mr. Cummings is the Executive Director of the Technology Commercialization Office at the University of Utah, and Assistant Vice President for Technology Ventures. He is Kickstart Seed Fund’s designee on the Board.
Ms. Farrar stated, “The Board and management appointments add highly skilled industry experience to further strengthen our team and facilitate the development of innovative devices to prevent infections. We now have industry veterans who have led their companies through innovation with solid management in tough global markets. We look forward to their guidance as we move toward our product launch.”
Bob Hitchcock, Ph.D., Co-founder and Vice President of Product Development, is a faculty member of the University of Utah Department of Bioengineering, and has over 25 years of experience bringing new products to the marketplace with such companies as Becton Dickinson and Sorenson Medical. He added, “We have assembled an impressive management team with proven success, thus increasing our capability to deliver innovative healthcare solutions, improve patient outcomes and reduce medical costs.”
About Catheter Connections, Inc.
Headquartered in Park City, Utah, Catheter Connections Inc., a University of Utah startup, was incorporated in February 2008 to develop and commercialize innovative medical infusion accessory products designed to protect patients from acquiring infections during periods of infusion therapy. For more information, visit www.catheterconnections.com.
About Kickstart Seed Fund, LLC
Kickstart Seed Fund is a startup that funds other startups. Its mission is to kickstart companies in the Mountain West by aligning technology creators, industry, entrepreneurs, and follow-on capital sources behind the funding and mentoring of seed investments with tremendous potential. For more information, visit www.kickstartseedfund.com.
Contact:
Catheter Connections, Inc., Park City Vicki E. Farrar Chief Executive Officer 435-729-9397 or Kickstart Seed Fund, LLC Gavin Christensen Managing Director 801-942-8999
