410 Medical filed an SEC Form D earlier this week to disclose the sale of nearly $8 million in equity.
The Durham, N.C.-based company issued the first sale of its $8 million offering on Oct. 21 and, as of this week, sold $7.6 million of the available equity, leaving $400,000 remaining to be sold. 410 Medical does not intend for the offering to last longer than one year.
So far, 21 investors have contributed to the offering, which the company said it will use to pay salary and/or bonuses in the ordinary course of business, according to the filing.
410 Medical’s lead product is LifeFlow, a rapid infuser designed to deliver one liter of crystalloid fluid through a 20-gauge IV catheter in five minutes for front-line treatment of patients needing urgent fluid delivery. The company launched the LifeFlow device on a limited basis in November 2016.
The resuscitation device developer collected $3 million in Series A funding in April 2017 and added $2.1 million more to that round in June of that year. 410 Medical then added another $3.1 million for the LifeFlow device in August 2018.