Pursuit Vascular said it raise approximately $1.6 million in a debt and securities offering to a group of 33 unnamed investors.
Based in Maple Grove, Minn., Pursuit markets a device called ClearGuard that’s designed to kill bacteria and fungi in hemodialysis catheters. The product, an antimicrobial fluid lock, received FDA approval in late 2013.
Nearly 500,000 cases of catheter-related blood-stream infections are reported every year in the U.S., costing the healthcare system upwards of $3 billion annually. Roughly 25% of those diagnosed eventually die from the infection, according to the company’s website.
Last year, Pursuit raised $1.57 million under a planned $1.6 million offering from 39 unnamed investors.