Seed stage investor and venture developer CincyTech said today it has invested in Xact Medical, developers of the Fast Intelligent Needle Delivery device designed to aid in needle placement.
Israel-based Xact Medical’s FIND system is designed based on technology from the Cincinnati Children’s Hospital and Ben Gurion University in Israel, and uses robotics and ultrasound to guide a needle into the patient’s body.
“Cincinnati Children’s is increasingly a source of medical innovation and Xact Medical is the latest example. CincyTech is excited to again partner with Cincinnati Children’s and be on the ground floor of this promising company,” CincyTech life sciences director John Rice said in prepared remarks.
“The fact that up to a third of central line placement attempts in kids fail on the first try is unacceptable. This technology can drastically improve those results and improve outcomes for kids and adults,” Dr. Daniel von Allmen of Cincinnati Children’s Hospital said in a prepared statement.
The technology was developed from idea to prototype by Dr. von Allmen and Hugo Guterman of Ben Gurion University, according to CincyTech.
Xact Medical will focus initially on central line placements in pediatric and adult populations, with hopes to expand into additional markets such as biopsy. The company is currently testing its prototype and working towards FDA approval.
“FIND is bringing practical, affordable, point-of-care robotics to the patient’s bedside. I believe this technology has significant potential to improve patient outcomes while reducing costs to the healthcare system. We are confident that with the institutional and financial support currently in place, Xact can meet its short- and mid-term goals as we move toward commercialization,” CEO Andrew Cothrel said in a press release.
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