Capillary Biomedical said today that it raised $2.9 million in a seed funding round to support regulatory filings and the launch of its insulin infusion technology.
The company is gearing up for clinical trials to support a 510(k) filing and hopes to bring its SteadiSet infusion set to the market in 2019.
“Our SteadiFlow infusion set technology is designed to reduce set failures, improve comfort and simplify insertion. It is a best of both worlds design, with a kink-proof cannula that is more reliable than Teflon cannulas and gentler to the tissue than steel needles,” CEO Paul Strasma said in prepared remarks.
“We intend to partner with leading pump companies to distribute our infusion set technology. We believe that SteadiFlow technology will help pump users and those who help care for them by reducing the stress and burden of pump therapy,” Mark Estes, VP of sales & marketing, added.
Capillary Biomedical’s series seed round was led by the Cove Fund, with support by a syndicate of angel investor groups.
“Our novel approach is intended to address the root causes of insulin absorption variability and infusion set failure which will improve the predictability of insulin pump therapy,” co-founder Jeffrey Joseph of the Sidney Kimmel Medical College at Thomas Jefferson University said.
