BVC/CC, an angel investment group based in Bend, and X. Gen Ltd., a family venture capital fund based in Cleveland, Ohio, completed a $600,000 angel investment round for local medical device company Clear Catheter Systems, which will be used to help the startup develop its flagship product and bring it to the market.
Announcement of the investment round, which includes a grant from the Cleveland Clinic Global Cardiovascular Innovation Center, came Tuesday, July 22, but all parties involved requested local media to hold publication of the news until this morning, Thursday, July 24.
Clear Catheter Systems, formerly known as PleuraFlow, is developing a proprietary catheter clearance device, which will be used by physicians during surgery to “help prevent obstruction of surgical drainage tubes inserted after heart, lung or trauma surgery,” according to a joint press release.
CCS plans to open an office in Cleveland in order to gain better access to resources available from that city’s medical community. CCS, which currently has two employees, has no plans to move its local operations, and will continue to seek additional investment capital to fund continuing operations at it moves to take its product to market by the end of next year.