Bio2 Medical is pleased to announce the company officially closed its second tranche of venture debt funding on August 24, 2016. The $3 million provided by Oxford Finance LLC will further enable the company to execute its plan for commercialization of the Angel® Catheter in the United States.
The $3m provided by Oxford Finance LLC will further enable the company to execute its plan for commercialization of the Angel® Catheter in the United States.
The commercialization plan includes hiring a Sales team, building inventory to support the company's projected sales demand, and executing on market development initiatives.
Bio2 Medical's Chairman and Chief Executive Officer, Christopher E. Banas, stated, "This second installment of venture debt, provided by Oxford Finance LLC, strengthens Bio2 Medical's financial position during the launch of the Angel® Catheter, a critical time for strategic investment.
“This funding will allow us to enhance our Sales infrastructure in the U.S. and make the Angel® Catheter available to a larger group of critically ill patients who would benefit from prophylactic protection from pulmonary embolism.
“The investment of these funds will drive revenue growth and move us another step closer to profitability. Our stakeholders' continued support of Bio2 Medical and the Angel® Catheter is highlighted by our ongoing ability to raise capital."
The founders and employees of Bio2 Medical have spent more than a decade leading vascular innovation to improve the current standard of care and address important medical problems in the U.S. and overseas markets.
With experience and expertise in creating innovative medical technology that addresses critical, unmet clinical needs, Bio2 Medical has introduced its flagship product – the Angel® Catheter – as the first and only IVC filter to receive FDA clearance for a prophylactic use indication.
To date, the company has raised $43.1 million of institutional funding and is poised to become a leader in PE prophylaxis and a provider of complementary products, services and solutions.