Versago Vascular Access Raises $1.65MM In Funding To Develop World's First Reverse Needle Access Port
WEST BRIDGEWATER, Mass., Feb. 24, 2016 /PRNewswire/ -- Versago Vascular Access Inc. (www.versagovascularaccess.com), developer of the world's first "reverse needle" subcutaneous access port, has closed $1.65MM in seed funding from Primo Medical Group's network of individual and institutional investors. Versago Vascular Access, a spinoff of Primo Medical Group, designed and developed a new subcutaneous port to access the body's bloodstream and anatomical cavities that collect serous or ascitic fluid. The technology provides a large bore, reusable, power injectable conduit directly into a patient's bloodstream or other anatomical areas and in certain applications could potentially replace current technologies like ports, peripherally inserted central catheters (PICC) and central venous catheters (CVC) for a myriad of procedures. The company's new funding will be used to further develop the Versago line of port technology, initiate regulatory review and conduct animal testing. Versago will also be initiating discussions with potential strategic partners in early 2016.
Steve Tallarida, Board Chairman and President of Primo Medical Group, stated, "No one could have ever imagined that subcutaneous port access could be simplified by having the needle advance out of the port body instead of into the body of the port. This will truly simplify port access." Andrea Patisteas, CEO and Co-Founder of Versago also commented, "Because our products offer larger gauge cannulas, much higher flow rates can be achieved than the current standard of care. Those higher flow rates open up entirely new applications and will overcome some challenges in accessing the vasculature and other fluids in the body."
According to industry sources, the vascular access market alone is valued at nearly $5 billion in the US. The current options for long term bloodstream and corporeal fluid access are limited to the flow rates of the small needles that are used to access them. The Versago port system replaces the typical port septum with a large bore conduit topped with removable dilating needle tips that are externally triggered from the implanted port body. The needle pierces the skin from the inside-out wherein the clinician delivers therapy or performs a fluid extraction. When finished, the clinician replaces the needle tip and pushes the needle back into its housing where it remains until it is redeployed. The implantable port has the potential to replace CVCs, PICC lines and port-a-caths in chemotherapy infusion and total parenteral nutrition delivery as well as opening up new markets in high flow apheresis, ascites drainage, hemodialysis and solid tumor or systemic artificial T cell receptor infusion.
About Primo Medical Group
Primo Medical Group, Inc. (www.primomedicalgroup.com) is a leader in the development, manufacture and assembly of medical devices and precision machined components. Established in 1953, Primo Medical Group is a privately held company with 4 facilities in Massachusetts and has incubated and developed six innovative medical device technology companies. Primo Medical is ISO 13485:2003 and ISO 9001:2008 certified, JPAL and FDA registered.
Vice President of Investor Relations
Primo Medical Group
SOURCE Primo Medical Group, Inc.; Versago Vascular Access Inc.