Medical device maker Vesiflo has secured $650,000 in funding ahead of its commercial launch later this year.
The Redmond-based company, which makes a device that replaces traditional urinary catheters, may raise up to $2 million as part of its first round. Vesiflo’s Chief Business Officer Susan Robinson confirmed the funding, which was originally disclosed in a document filed with the Securities & Exchange Commission.
Robinson declined to provide other details, such as a list of investors.
Vesiflo’s product is a pump designed for women, who can no longer urinate spontaneously due to a medical condition, which is often the consequent of a stroke, Parkinson’s or diabetes. Vesiflo received clearance from the FDA to market its inFlow Urinary Prosthesis in October 2014, and plans to launch the product commercially this year.
Vesiflo management team has a strong track record of starting and running large biotech companies.
The company’s President and CEO Kevin Connolly previously founded Massachusetts-based SRS Medical, which is now owned by Schooner Capital. Prior to that, he was Founder and CEO of Davicon, a manufacturer of medical instruments that he also sold to a group of private investors.
Robinson’s name may also sound familiar. Previously, she was the CEO of Targeted Genetics, a struggling Seattle biotech company that was spun off from Immunex in 1989 and then bought by Genzyme for $7 million in 2009.