Control Medical Closes Series A Financing with Strategic Investors

PARK CITY, Utah Control Medical Technology, LLC announced the closing of a Series A financing with a team of medical device manufacturers, global distributors, and investors. Spring Bay Ventures, a medical-technology focused investor based in Jacksonville, Florida, led the funding.

“We are excited about the opportunity to invest in Control Medical Technology, led by Shawn Fojtik,” said Daniel Ryan, Vice President of Spring Bay Ventures. “Shawn is a terrific innovator with a proven ability to turn his ideas into businesses that meet clinical needs.” Mr. Ryan will be joining the Board of Directors of Control Medical Technology.

Control Medical’s ASPIRE aspiration platform under development may be used to remove fluids, tissue, thrombus (blood clots), and other pathology for use in cardiovascular, oncology, spine, pain management, wound irrigation/lavage, and general procedures.

According to the company, ASPIRE biopsy systems may be the first cost-effective 100% disposable rotational vacuum-assisted technology for breast biopsy. Rotational vacuum-assisted technologies spin a needle, catheter, or trocar with vacuum aspiration force to ‘cut and core’ tissue for improved biospy quality and diagnostic confidence.

In addition, the ASPIRE platform can be modified to perform prostate and general biopsy; spinal disc decompression; bone marrow extraction (autologous stem cell harvesting); and other procedures.

“Rotational vacuum-assisted biopsy technologies improve breast biopsy diagnostics, but typically require expensive capital equipment and consumables limiting patient access,” said Shawn Fojtik, CEO of Control Medical. “The ASPIRE system does not require new capital equipment and gives the clinician control/tactile feel for the procedure.”

Control Medical is also planning to expand the ASPIRE platform into thrombus aspiration for heart attack, stroke, and hemodialysis access.

“There are global unmet needs for simplified thrombus aspiration systems,” commented Mr. Fojtik. “ASPIRE rotational and non-rotational thrombus aspiration catheters and systems under development include innovations for use in acute myocardial infarction, ischemic stroke, and hemodialysis grafts.”

Control Medical Technology’s team recently led Pinyon Medical Technology. Within 28-months of funding, Pinyons earned one U.S. patent, added four new patent applications, obtained two FDA 510(k) approvals, won a global 2008 Medical Design Excellence Award (MDEA), and then sold to Covidien.

The ASPIRE Aspirator is FDA 510(k) cleared but not for sale at this time. Roberts Mitani, LLC (www.robertsmitani.com) advised Control Medical in connection with this financing. Control Medical is headquartered in Park City, Utah with global sales offices in Florida. www.ASPIRATIONMEDICAL.com

Source: Control Medical Technology, LLC