CincyTech announced an investment Wednesday in a Cincinnati company that has a new needle-guiding technology.
Xact Medical’s “fast intelligent needle delivery” system gives “clinicians a device to more precisely, quickly and conveniently place an object such as a needle tip in the body, reducing uncomfortable and time consuming trial and error,” CincyTech said in a release.
The system uses robotics and ultrasound to guide needles.
Terms of the investment were not disclosed.
“Cincinnati Children’s is increasingly a source of medical innovation and Xact Medical is the latest example,” John Rice, director of life sciences at CincyTech and board chair of Xact, said in CincyTech’s release.
Dr. Daniel von Allmen, surgeon-in-chief at Cincinnati Children’s, and Hugo Guterman, a professor of electrical and computer engineering at Ben Gurion University, developed the technology.
“The fact that up to a third of central line placement attempts in kids fail on the first try is unacceptable,” von Allmen, said. “This technology can drastically improve those results and improve outcomes for kids and adults.”
Xact Medical will focus on central line placements in pediatric and adult patients, with plans to expand into additional markets such as biopsy, CincyTech said. The company is working toward U.S. Federal Drug Administration approval.
“FIND is bringing practical, affordable, point-of-care robotics to the patient’s bedside. I believe this technology has significant potential to improve patient outcomes while reducing costs to the healthcare system,” said Andrew Cothrel, CEO of Xact Medical.
CincyTech invests out of CincyTech Fund IV, LLC, a $30.75 million seed stage fund. The fund’s portfolio includes Soundstr, which is run an Englewood resident, Eron Bucciarelli-Tieger.
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