410 Medical Adds $8M Series A Financing
Durham medical device company 410 Medical has closed on an $8 million Series A financing deal with Hatteras Venture Partners, OSF Healthcare and former investors.
As a result of the cash infusion, Jeff Terrell, a Hatteras partner, and Stan Lynall, of OSF Ventures, are joining 410 Medical’s board of directors.
The company plans to use the funds to expand marketing of its critical care fluid delivery device LifeFlow, among other resuscitating instruments it’s developing to lower procedure risk in cases such as sepsis.
LifeFlow is a hand-operated infuser that combines a syringe, automatic check valve and high-flow tubing set. It was designed by physician Mark Piehl at WakeMed Health & Hospitals in Raleigh to help a single caregiver inject resuscitating fluids quickly and easily with less stress in emergency situations. The company says LifeFlow lowers risk of organ failure due to its ability to deliver fluids more efficiently -- 10 times faster than traditional methods.
The device is manufactured in-state by Robling Medical of Youngsville.
410 Medical is a North Carolina State University spinout founded by Piehl and venture capitalist Luke Roush in 2013 to develop innovative products to help emergency clinicians provide better care for critically ill patients. Piehl, who is 410’s chief medical officer, is a pediatric intensivist at WakeMed, where he was medical director of WakeMed Children’s Hospital from 2009 to 2015.
In 2016 the North Carolina Biotechnology Center gave a thumbs-up to the company’s application for a $250,000 Small Business Research Loan, but the company subsequently decided to proceed with other funding.
410 Medical raised $3.1 million in financing in 2018 to commercialize LifeFlow. North Carolina investors in the funding round included WakeMed and the North Carolina Venture Capital Multiplier Fund, managed by Hatteras.
After its U.S. Food and Drug Administration approval in 2016, the fluid resuscitation device has been embraced by top healthcare systems such as WakeMed, Cincinnati Children’s Hospital Medical Center, and Children’s Hospital Colorado.
Hatteras is a Durham-based venture capital firm with a focus on seed and early stage opportunities across the health care continuum. The firm has six funds and more than $550 million in capital commitments under management. Hatteras is led by a seasoned team of entrepreneurs and operators and has a long and successful track record of seed and early stage investing and company formation.
OSF Ventures is a member of the OSF HealthCare family, located in Illinois and Michigan. OSF specializes in venture optimization, partnering financially and operationally in companies that improve patient outcomes and reduce costs to health care systems.