Camstent has closed its latest funding round, raising a record £850,000 from a combination of existing and new investors. Thanks to enormous interest in the company’s patented bacteria-phobic polymer coatings, the initial investment target of £300,000 was extended, nearly trebling the total amount raised during the round.
The funding will be used to accelerate the company’s development, beginning with gaining CE mark approval for Camstent’s first product, the Foley Catheter. This dramatically reduces the number of Hospital Acquired Infections suffered by patients as its polymer coating prevents bacterial colonies from forming on the catheters, saving lives and increasing efficiency for healthcare providers. CE mark approval is expected in Q4 2016, enabling Camstent to begin product shipments from its recently announced UK manufacturing facility, both for trials and first volume sales.
“This new funding round will enable Camstent to transform itself, moving out of research and development and into volume product sales,” said Joe Byrne, Chief Operating Officer, Camstent. “The scale of interest from a wide range of investors demonstrates the huge market potential of our technology and the enormous impact it can have on reducing bacterial infections across a range of medical devices.”
As well as bringing the Camstent Foley Catheter to market, the new funding will be used to develop clinical and marketing partnerships and to enable the company to expand into additional medical products, such as tracheal tubes, vagina pessaries and ureteral stents, based on its intellectual property and existing facilities.