Genesis Innovation Group‘s Cultivate(MD) Capital Fund II said yesterday that it has invested in radial artery occlusion device developer Medical Ingenuities.
Wheaton, Ill.-based Medical Ingenuities is developing the PH Band, a novel radial artery occlusion device intended to for patent hemostasis.
“We are proud to announce that we just closed an investment from Genesis Innovation Group’s Cultivate(MD) fund. These funds will allow Medical Ingenuities to continue the regulatory process, required validation and testing to file our FDA submission in early 2019. We are excited to partner with Genesis Innovation Group as they are experienced medical device business operators with whom we can also partner for the commercialization of the PH Band,” Medical Ingenuities CEO Chip Corrigan said in a prepared release.
The PH Band is designed to provide real-time feedback to clinicians monitoring radial artery patency to prevent radial artery occlusion, the company said. The device is also designed to reduce nurse workload and occlusion-related complications.
“At Cultivate(MD), we are always seeking technologies with the potential to be disruptive in their segment of medical devices. We believe we have found another one with Medical Ingenuities’ innovative approach to the rapidly expanding field of radial artery catheterization. With strong intellectual property protection and experienced leadership in this segment, we look forward to their new Patent Hemostasis Band becoming the industry standard,” Genesis Innovation Group R&D VP Don Running said in a press release.
Last November, Genesis Innovation Group said that it formed the Cultivate(MD) Capital Fund, which looks to manage $10 million to invest in early stage healthcare companies with a focus on medical device and orthopedic technologies.