Access Scientific, Inc. (ASI), a provider of over-wire vascular access technology, announces that it has completed an acquisition agreement with Endeavour Capital.
ASI manufactures The POWERWAND® extended dwell, power-injectable midline IV catheter inserted by means of The WAND's® proprietary Accelerated Seldinger Technique. The device is FDA cleared for the administration of fluids/medications and for the withdrawal of blood for diagnostic testing and can be left in place for up to 29 days.
"We are very pleased with the traction POWERWAND has seen in the marketplace," says Steve Bierman, MD, CEO of Access Scientific. "The technology has the potential to significantly improve the patient's hospital experience by requiring a single needlestick for vascular access throughout the length of stay. Endeavour's investment will allow us to increase our efforts to bring this groundbreaking vascular access technology to the marketplace."
"Access Scientific's products provide clinical differentiation within the vascular access market. We believe the technology is impactful to both clinicians and patients, and we are excited to provide the growth capital necessary to support ASI's growth and success," says Mark Dorman, Endeavour Capital managing director.
Use of the POWERWAND to increase patient safety and comfort was the subject of several poster presentations at the 2012 Annual Scientific Meeting of the Association for Vascular Access (AVA). Highlights from these posters include a projected annual savings of $233,157 due to lower material costs and avoided infection-treatment costs, as well as increased nursing efficiency due to 79 percent of the catheters placed lasting through completion of therapy.