Sterilucent Inc., a medical device sterilization company focused on serving the military, is looking to raise $2 million in sales of debt securities, according to a federal regulatory filing.
This looks to be the company’s first large private investment round.
Sterilucent is developing a portable sterilization process that caught the eye of the military, which had trouble deploying sterilization equipment to forward bases because of the size of the machinery. The company won a five-year contract to deliver its technology to the U.S. Army Combat Casualty Care Hospitals.
Sterilucent operates through a mix of federal contracts, earmarks and grants; some small early stage investments; and revenue from the coatings technology that spawned this business. Sterilucent used to be called Phygen, a 17-year-old coatings business that focused on the automotive and manufacturing industries.
The word is Sterilucent may sign up for one of Minnesota’s increasingly popular Middle East road trips to raise money.
David Bell, the company’s CEO, was not available to discuss the fundraiser.
Medical device sterilization processes are well established, but there are signs the industry is ripe for change and open to new approaches. Fighting new, persistent hospital infections is becoming close to an obsession for health systems. Plus, there was one recent exit in the space recently: Synergy Health acquired BeamOne in April for $35 million.