Park City, Utah – April 27, 2009
Control Medical Technology, LLC announced today the closing of a Series A financing with Spring Bay Ventures, a medical technology-focused investor based in Jacksonville, Florida. Spring Bay is leading a global syndicate which is to include several strategic investors.
“We are delighted to be working with Spring Bay and this accomplished group of investors,” commented Shawn Fojtik, the CEO of Control Medical. “We have the resources and capabilities in place to rapidly execute on our plan and bring our new aspiration platform to caregivers and patients.”
“We are excited about the opportunity to invest in Control Medical Technology, led by Shawn Fojtik. Shawn is a terrific innovator with a proven ability to turn his ideas into businesses that meet clinical needs,” said Daniel Ryan, Vice President of Spring Bay Ventures. Mr. Ryan will be joining the Board of Directors of Control Medical Technology.
Control Medical Technology’s FDA-cleared, hand-held disposable aspiration systems are used to remove fluids, tumors, bone, bone marrow, endometrial fluids, blood clots, tissue, and other pathology, targeting unmet clinical needs in high-volume and high-margin markets within oncology, orthopedics, spine, pain management and cardiovascular medicine.
Control Medical Technology’s team executed a similar business model at Pinyons Medical Technology. Within 28-months of funding, the team innovated & patented a safe, cost-effective, and high-margin device platform, obtained two FDA 510(k) clearances within 90-days of submission, won a 2008 Medical Device Excellence Design Award, and completed a trade sale to Covidien. Prior to this acquisition, Pinyons’ devices demonstrated the ability to improve
angiographic image quality, power small catheters, optimize contrast media delivery quantities, improve the delivery of viscous less-nephrotoxic media, and reduce high-dose x-ray exposure to patients and physicians.
Roberts Mitani, LLC (www.robertsmitani.com) advised Control Medical in connection with this financing.
Control Medical Technology
Office: (954) 457-2450Call: (954) 457-2450