Capillary Biomedical, Inc., an Irvine, Calif.-based developer of a novel infusion set for use with insulin pumps for the intensive management of diabetes, raised $2.9m in a seed funding.
The round was led by the Cove Fund with participation by a broad syndicate of Angel Groups and accredited investors Tech Coast Angels, New York Angels, HBS Alumni Angels of New York, Pasadena Angels, the Mass Medical Angels, the ACE Fund, PA Fund and NYA Fund.
The company intends to use the funds for clinical studies to support an initial 510(k) filing and preparation for market launch in 2019.
Led by Co-founder Professor Jeffrey Joseph of the Sidney Kimmel Medical College at Thomas Jefferson University, CEO Paul Strasma, VP of Sales and Marketing Mark Estes, CapBio has developed the SteadiSettm infusion set with SteadiFlowtm technology, a patented design that addresses several key failure points with current infusion sets that affect the health, quality of life, and cost for the 1.2 million worldwide insulin pump users.
The core cannula technology was developed by Dr. Joseph at the Jefferson Artificial Pancreas Center of Thomas Jefferson University with grant funding from the National Institutes of Health and JDRF, the global organization funding Type 1 diabetes research.