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Access Scientific Raises $10M

San Diego-based Access Scientific says it has completed a $10 million round of financing led by CAC, a San Diego private equity firm, and the company’s existing institutional investors. In a statement today, Access Scientific says the funds will be used to hire a direct sales and clinical team to help commercialize its product, a wand-like device intended to simplify the process of inserting an intravenous catheter in a patient for an extended period of time. One uncertainty about the company’s announcement is whether all $10 million is new money. Access Scientific raised at least $4.6 million last year, according to regulatory filings, but a spokeswoman for the company was not immediately available to clarify.