Washington Area Venture Capital Firm Funds Innovative Flexicath IV Catheter.New Technology Dramatically Lowers IV Catheter Risk of Infection, Procedure Cost and Patient Discomfort ROCKVILLE, Md. -- The Zitelman Group announced today it has led a group of investors in providing $754,000 of preferred equity to Flexicath, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , an Israel-based health care technology firm. The funding will be used to conduct clinical trials and marketing for an Intravenous (IV) catheter that Flexicath has developed to meet market needs for both mid-range (up to 15 days) and PICC PICC Peripherally-inserted central catheter Critical care An IV catheter inserted in the superior vena cava for long-term infusion of bolus or continuous delivery of therapeutics or TPN–drugs, fluids, nutrients, chemotherapy. Cf Catheter. catheterizations. The patent pending Flexicath Firm-grip[TM] eliminates the need for a sterile field sterile field Surgery A 'clean' environment that surrounds an incision, and relatively free of microorganisms, in particular bacteria; the SF is inhabited by the surgeon(s), scrub nurses, and occasionally, physicians in training. See Dirty wound. by enclosing the catheter in a special self-contained package that allows the insertion of the catheter without removing it from the sterile package until the procedure is complete and the catheter is in the vein. Flexicath's new product makes the process faster and less expensive, and allows any member of the medical team--paramedics, nurses, and of course physicians--to insert the catheter. Thanks to the ease of insertion, the product will also provide relief to patients who require IV treatment and spare them the discomfort and increased risk of infection from having a new IV inserted (in a different vein) every three to four days, as is current practice. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a Flexicath spokesperson, more than 42.5 million IV drug procedures are performed each year in the United States alone; the figure for the rest of the world is more than twice this number--nearly 100 million. In financial terms, this represents a market of about one billion dollars a year. Rick Zitelman, principal of The Zitelman Group said, "We are very impressed with Flexicath's technology, potential applications and the significant benefits it offers patients and health care providers." The company has applied to the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for approval of the product and expects to receive approval during the first half of 2007. The company is also working to obtain a license from the EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. (the European Agency for the Evaluation of Medicinal Products). Flexicath (www.flexicath.com) was established in 2004 in the Misgav Technology Center, an incubator program located in Israel. The Company has received previous funding from the Office of the Chief Scientist Office of the Chief Scientist may refer to:
The Zitelman Group ("TZG TZG The Zero Group TZG The Zet Guild (game) " www.tzg.com) is a Rockville, MD based Merchant and Investment Banking firm. Started in 1985, TZG takes a lead investment position and brings in other partners to co-invest in private debt and equity transactions. The company specializes in early stage companies, providing strategic guidance and helping to turn entrepreneurs into successful businessmen and women. TZG also has an office in Jerusalem, Israel. |
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