Cheetah Medical shook up the C-suite this week, added a new CEO and a new medical chief – plus $14.5 million to the fluid management device maker’s coffers.
Vancouver, Wash.-based Cheetah named Chris Hutchison, a Covidien (NYSE:COV) veteran, as its new CEO. Hutchison was general manager of the Mansfield, Mass.-based medical device company’s bread-and-butter divisions, respiratory & monitoring systems and vascular therapies.
Incoming CMO Dr. William "Pepper" Denman was a clinician and assistant professor at Harvard Medical School, according to a press release.
Cheetah also said it raised the $14.5 million from backers including Springfield Investments, Ascension Health Ventures, MVM Life Science Partners and Robert Bosch Venture Capital.
The latest funding round will go towards the company’s flagship product, the Non-invasive Hemodynamic Monitoring System.
“There is a real need in many hospital settings for early, accurate and non-invasive hemodynamic information to better inform clinical decision making. Since it is noninvasive, NICOM is easy and quick to deploy in critical care settings and eliminates many risks associated with older invasive methods," Hutchison said in a company statement.