Urological catheterization company PercuVision LLC was awarded a $1.4 million commercialization loan by the Ohio Dept. of Development (ODOD).
The loan will go toward a $1.9 million project in which the Westerville, Ohio-based company will create “customer demonstration units” for hospitals, COO Earl Singh said.
“That’s important to the company because our technology is new and we’re still in premarket acceptance mode,” said Singh, whose urologist brother Errol is the company’s CEO.
The hope is that hospitals that see the “demonstration units” in action like what they see and purchase some of the devices.
“If we can get the product in 50-plus hospitals, that would really spur market acceptance,” Singh said.
The company has built what it calls a “visual guide” through the urethra that will cut down on problematic insertions into the urethra and cut healthcare costs by eliminating costly procedures from catheter-related damage. The product, in essence, is a catheter with a flashlight and camera at the end. Nurses, who usually perform catheter insertions, can see the catheter’s path and will be more likely to complete the procedure smoothly and quickly the first time, according to the company.
The device, called the DirectVision System, is in use in two Ohio hospitals and is in the process of being implemented in four more, Singh said. By the end of the month, the system will be in six to eight hospitals — in Columbus, Cleveland, Boston, Minnesota, Texas and Florida — Singh said.
The device retails for $29,000, but Singh said the company would cut deals for early adopters.
The project is expected to create 14 jobs and retain another 14, according to a statement from ODOD.
In August 2009, PercuVision received 510(k) clearance from the U.S. Food and Drug Administration to market its device.
So far the company has raised $5 million in equity from angel investors and is in discussions with investors about raising an additional $2 million, Singh said.