San Diego’s Access Scientific, which raised more than $2.6 million five months ago, has raised an additional $2 million, according to a regulatory filing yesterday. The company has begun the launch of its first new product, the “PICC Wand,” an all-in-one device intended to simplify the process of deploying a peripherally inserted central catheter line, a type of intravenous line that can remain in a patient for an extended period of time.
Access Scientific said in September that it has partnered with Pennsylvania-based Teleflex to distribute the medical device in the U.S. The company, which received FDA approval for the device in January, says its new product targets a $1 billion market and provides a safer and simpler way for doctors to use what’s called the “advanced Seldinger technique” to insert a catheter.
Steve Bierman, a doctor and inventor who sold his previous medical device company for $166 million in 2006, is the CEO at Access Medical. The company’s Form D regulatory filing did not identify the investors involved in the round. David Geliebter, managing partner of New York’s Carrot Capital Healthcare Ventures, continues to serve as the chair of Access Scientific’s board. Ellis Jones, CEO of the New York private equity firm Wasserstein & Co., also sits on the board.