Credence MedSystems said today that it closed a $12.8 million Series B round to help support the commercialization of its Companion Syringe system.
The company’s components combine with existing syringes to create a product that protects users against accidental needlestick injuries and creates a more user-friendly drug injector, according to Credence.
“This investment comes at a great time for us. We will use the funds to support scaling of our lead product, the Companion Staked Needle Syringe System, as well as to progress ongoing product development within our pipeline.” CEO Jeff Shanley said in prepared remarks.
“Increasing our manufacturing capability to commercial volumes will support our collaborations with customers and strategic partners. Additionally, we plan to progress development on other innovative products, including our dual chamber reconstitution safety syringe and our connected health platform,” Shanley added.
“Protecting users is vital; so is enhancing usability so that medications are injected properly. This device is designed to do both, while allowing pharma to choose their preferred components and preserve their existing processes and supply chain strategies,” COO Jeff Tillack said.