Piccolo Medical, Inc. announces closing of $5.5M Series B Financing to further develop their platform catheter navigation technology
Share This Article
SAN FRANCISCO, October 2, 2023-- Piccolo Medical, Inc. (Piccolo) today announced the close of a $5.5M Series B financing led by Event Capital Strategies, a medical technology-focused investment fund based in New York. Funding from the Series B will support the further development and commercialization of the Company's catheter guidance technology, including the next-generation SmartPICC® cathether tip location and navigation system that received 510(k) approval from the FDA in January 2021.
"Now it is time to execute," said CEO Augustus (Augie) Shanahan who has led the organization since 2022 and has overseen both the development of the long-term strategy of Piccolo and the raising of the additional capital. "With crucial funding in place, we can now deliver Piccolo's disruptive technology to patients and healthcare providers." Over 8M central venous access devices are inserted into patients in the U.S. each year and catheter malpositioning can lead to ineffective delivery of life saving drugs as well as thrombosis, cardiac dysfunction and other significant health complications.
Chris Yamamoto, Managing Partner of Event Capital Strategies, has joined Piccolo's Board of Directors alongside Drs. Mark Healy and Dan Burnett, the founder of the Theranova medical device incubator.
According to Dr. Burnett, "Augie has stepped up and delivered. For a first-time CEO to enter this fundraising climate and secure a multi-year runway is impressive. With his background in engineering, he has the crucial experience needed to develop and launch this technology, and with the SmartPICC® we have the opportunity to make a real difference in patients' lives. Augie has a long tenure in leadership roles in the Medical Device space. Over the past 15 years, he has brought advanced technologies to the market in vascular access, respiratory care, and orthopedics."
Dr. Healy added, "We are thrilled that we now have the capital needed to bring this technology to market. This team continues to impress me, most of all, by focusing on helping providers improve patient care. It's only a matter of time before they demonstrate the true clinical value of the SmartPICC® technology in identifying optimal catheter placement based on ionic dilution."
About Piccolo Medical:
Piccolo Medical Inc. was spun out of the Theranova medical device incubator in San Francisco, CA. It has been funded by private investors as well as prestigious Phase I and II grant awards from the National Institute of Health's National Institute of Aging. Piccolo received 510(k) clearance for the SmartPICC® System in 2021. Theranova has spun out several other successful medical device companies with products in the US, EU and CN markets.