Tangent Medical develops and commercializes IV catheters and related products, including the NovaCath™ Integrated IV Catheter System. The NovaCath is a patented, closed safety IV that combines advanced catheter stabilization, passive needle encapsulation and next‑generation tubing management on every start. The company is commercializing its first product and is using external financing to support those commercialization and development efforts. Management says the product was designed after extensive clinical research into the needs of healthcare workers and patients, and that the technology is establishing a new standard in catheter design and performance. Tangent positioned the financing to provide flexibility as it scales commercialization. Tangent Medical Technologies, incorporated in 2010 as a University of Michigan Medical Innovation Center spinoff in Ann Arbor, develops the NovaCath closed-system peripheral intravenous catheter. The company redesigned the peripheral IV system to improve securement and patient comfort, prevent blood splatters and avoid patient exposure to pathogens. The NovaCath won FDA clearance in September, and the company has said the device would hit the U.S. market late this year. Tangent has raised $8.6 million in an equity offering this month from nine investors, according to an SEC filing. Earlier it closed a $4.5 million Series A from Arboretum Ventures, Flagship Ventures, Osage Ventures and several angel investors, and last year hired CEO Jeff Williams, who previously led three medical-related companies through exits. The article also notes the company planned to introduce the product outside the U.S. in 2013. Tangent Medical Technologies is a development-stage medical device company founded in Ann Arbor in 2009 based on technology licensed from the University of Michigan’s Medical Innovation Center. Its lead product is the NovaCath™ Closed IV Catheter System, a peripheral IV (PIV) catheter system designed to reduce common problems with current PIV catheters and improve healthcare worker safety and patient comfort. The NovaCath system was conceived by Tangent’s technical founders Adrienne Harris, Elyse Kemmerer and Steven White, who remain with the company; Jeff Williams is Chairman & CEO. Tangent plans to use the Series A proceeds for regulatory filings and the commercial launch of NovaCath and expects to begin generating commercial revenues in 2012. NovaCath has not received U.S. FDA clearance or other marketing approval as of the announcement. The company cites a large addressable market, noting more than 334 million PIV catheters are sold in the U.S. annually, and reports high dissatisfaction with current products among healthcare workers and patients.

Total raised

$18M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Feb 2014