Maryland Venture Fund and The Abell Foundation Top Investors in Round of Financing
BALTIMORE, MD (August 25th, 2015) – Perceptive Navigation, LLC, a privately-held, Maryland-based medical device company developing solutions for the rapidly growing image-guided market, today announced the closing of its $500,000 seed round of financing, led by the Maryland Venture Fund (MVF) and The Abell Foundation. The proceeds will accelerate the development of Vu-Path, Perceptive Navigation’s ultrasound probe for minimally invasive interventional procedures, as well as enable its regulatory submission to the FDA.
Perceptive Navigation also announced the appointment of Todd Chappell as Chief Executive Officer. Chappell comes to Perceptive Navigation with fifteen years of experience working with early-stage, venture-backed biotechnology companies. Most recently, he managed a portfolio of start-up pharmaceutical and medical device companies at BioHealth Innovation, Inc. (BHI), a regional innovation intermediary focused on commercializing market-relevant life science innovations, as an Entrepreneur-in-Residence. Perceptive was incubated at BHI under the leadership of Chappell prior to his appointment as Chief Executive Officer.
“It’s an honor and privilege to join the team at Perceptive Navigation, and I look forward to helping bring our first product to market,” said Chappell. “The Vu-Path alternative to X-Ray, CT and MRI imaging will improve healthcare quality while reducing overall spending. Further, these investments by the Abell Foundation and the MVF demonstrates their commitment to supporting local companies and affirms the value of our proprietary platform.”
Founded by prominent Johns Hopkins cardiologist, Theodore P. Abraham, M.B.B.S., M.D, Perceptive Navigation is a pre-clinical stage medical device company developing and seeking FDA clearance for forward-viewing, image-guided interventional medical devices.
“Advancing a needle or delivering a device to specific locations within the body has always been a challenge,” said Dr. Abraham. “It is exciting to see this momentum after the technology has shown significant promise in early testing, and as we move to commercialize our first product.”
“We are proud to make this investment in Perceptive Navigation and are excited to watch the development of Vu-Path and the other products in their pipeline unfold,” said Mike Gill, Secretary of the Maryland Department of Business and Economic Development. “Perceptive Navigation is a perfect example of the strength in research and discovery and the entrepreneurial spirit that makes Maryland’s economy so vibrant and competitive.”
Prior to Perceptive Navigation’s seed round, the company secured funding from the National Heart Lung and Blood Institute (NHLBI) of the National Institutes of Health (NIH) through the Phase II Small Business Innovation and Research (SBIR) grant award program totaling $1.4 million. Perceptive has also received funding from the Maryland Technology Development Corporation (TEDCO) and the Phase I SBIR program at the NIH.
About Perceptive Navigation
Perceptive Navigation, LLC is a Maryland-based medical device company developing solutions for the rapidly growing image-guided market. The patented core technology is unique in integrating a forward-viewing imaging element that allows accurate and precise placement of a probe’s tip. The company’s first product, Vu-Path, will be the first intracorporeal (“within the body”) ultrasound probe that does not occupy a lumen in the body (such as the esophagus). This composite probe combines ultrasound imaging with a versatile portal that can be used for introducer needles, biopsy needles, guide wires, or the delivery of therapeutics. By replacing surface ultrasound, CT, X-Ray and MRI in complex surgical and percutaneous procedures, Vu-Path will shorten procedural times while reducing staff needs, facility requirements and equipment costs. Perceptive anticipates 510(k) Class II regulatory approval in 2016. For more information, please visit www.perceptivenavigation.com
Company Contact Information:
Perceptive Navigation, LLC
855 N. Wolfe Street
Baltimore, MD 21205