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SAN DIEGO -- Iapyx Medical, a developer of innovative medical devices, announces a $9 million investment by Tavistock Life Sciences, bringing the companys total funding to more than $12 million. This round of funding coincides with the companys rebranding from Medical Device Group to Iapyx Medical, and its new mission to develop innovative medical devices that reduce hospital-acquired infections. Iapyx plans to use this round of funding to support product development, marketing and sales.
According to the Centers for Disease Control and Prevention (CDC), up to 4 million infections per year are acquired by patients in U.S. hospitals. Hospital-acquired infections add an enormous financial strain of more than $5 billion annually on the healthcare system and are associated with the fourth leading cause of death in the U.S.
Hospital-acquired infections impact one in every 10 patients in the U.S. with approximately 90,000 patients dying annually, said Shehan Dissanayake, CEO of Tavistock Life Sciences. Iapyx Medicals innovative infection control products are uniquely suited to address this critical area of healthcare, and the companys new name and mission reflects this. Most importantly, though, the company is at the center of a movement that will significantly improve the quality of care for patients and safety for healthcare workers.
The Tavistock investment allows us to introduce the Iapyx Medical brand into the marketplace in a meaningful way, and aggressively build on the companys longstanding success designing innovative medical devices, said Joel Smith, president and CEO of Iapyx Medical. This funding gives us an increased ability to develop and market products that will set the standard for hospital care.
The company has re-named itself after Iapyx, a wound healer and battlefield surgeon in Greek mythology who is one of the first people credited with identifying and treating the problem of surgical site infections.
Iapyx Medical develops and manufactures single-use medical devices designed to combat the epidemic of hospital-acquired infections. Today, Iapyx markets two product families that protect both patients and clinicians. The Iso-Line family uses isolation techniques to prevent exposure of patients and clinicians to contaminated devices. The Stable-LineÂ® family of catheter stabilization devices is designed to minimize the risk of site infections, bloodstream and urinary tract infections and other catheter-related complications.
Source: Iapyx Medical