Arthurian brings leading US medtech firm to Wales
Posted: 1 December 2014 | | No comments yet
Arthurian Life Sciences, the specialist fund management company led by Professor Sir Chris Evans, announced it has formed a partnership with one of the leading medtech firms in the US, Interrad Medical Inc…
Arthurian Life Sciences, the specialist fund management company led by Professor Sir Chris Evans, announced today it has formed a partnership with one of the leading medtech firms in the US, Interrad Medical Inc.
The Minneapolis-based company is the developer and manufacturer of the unique SecurAcath®, the world’s most effective device for securing catheters in hospital patients.
The partnership is the sixth investment of The Wales Life Sciences Investment Fund, managed by Arthurian which was specifically formed to act as General Partner of the fund.
The fund has made a £3 million investment in Interrad Medical Inc, acting as cornerstone investor in a financing through which the company will establish its European headquarters at the Life Sciences Hub Wales in Cardiff, as a base for sales, marketing, distribution and training.
SecurAcath® is a unique, competition-beating device that in multiple tests has proven to provide significant advantages and cost savings over current securement methods, decreasing time to secure, maintain and remove catheters and essentially removing dislodgement risk. This results in greater patient comfort, saving in nursing time and eliminating the potential for costly needle stick injuries. It is already in use in almost 300 hospitals globally, including Cardiff’s Velindre hospital which reported the overwhelming benefit of the device in prevention of migration.
Interrad will co-ordinate sales and training in 9 European countries initially. Arthurian will assist the company in this expansion, and ultimately into MENA and the Far East. Future plans for Wales include manufacturing, packaging and distribution of SecurAcath, in addition to the development of new products on the platform.
Arthurian Chairman Professor Sir Chris Evans commented:
“The investment in Interrad demonstrates the global reach of my team at Arthurian and the very meaningful impact the Wales Life Sciences Fund can make to the sector in Wales by bringing in the very best of US medical technology, know-how and practices. Advances in medical science and biotech are a global industry affecting everyone in the world, and I am very pleased to be placing Wales at the forefront of that industry”.
Interrad Medical Inc., CEO Joe Goldberger said:
“We are very pleased with this latest investment round, to establish a European headquarters in Cardiff. We look forward to working with Arthurian and the Life Sciences Hub Wales on expanding and growing global sales of the revolutionary SecurAcath device.”
Minister for Economy, Science and Transport Edwina Hart said: “We are delighted to welcome Interrad to Wales, and wish them every success in expanding their sales and distribution from their new European headquarters at Cardiff Bay. Interrad’s decision acknowledges the leading position of Wales in life sciences in Europe and builds on the strong foundation of medtech research, development and production for which Wales is well known. The move also confirms the position of the Life Sciences Hub Wales at the centre of this growing, vibrant and prosperous sector.”
Life Sciences Hub Wales Chairman Professor Chris McGuigan said:
“Wales has some gems of world-leading activity in medical device technology – and this is further strengthened by the great news of the Life Science Fund’s investment in Interrad Medical. Interrad will find a thriving ecosystem in the newly opened Life Sciences Hub and we will warmly welcome them as our 60th member”.
