FAYETTEVILLE, Ark. - May 27, 2020 - Lineus Medical has completed the first $1.25M tranche of a Series B funding round. The company was founded in 2015 and has raised a total of $4.7M over the past 5 years. The funding round was led by two venture capital groups that have supported Lineus Medical since its founding: MB Venture Partners of Memphis, TN and F&S Capital of Tulsa, OK. Existing investors provided slightly over 50% of the investments in the first tranche of the funding round, and the remaining money was invested by angel investors.
The company has completed development and proved out its manufacturing capabilities for its flagship product, SafeBreak Vascular, and is seeking FDA clearance for the device. SafeBreak Vascular is a break-away connector that fits into any peripheral IV line anywhere in the world. The device is designed to separate when a damaging force is placed on an IV line, therefore protecting the IV. When the device separates, valves on each side of the device close to stop the flow of medication and prevent blood loss from the patient.
Vance Clement, CEO of Lineus Medical commented, "Developing and gaining FDA clearance for an innovative new medical device takes a great deal of time and money. We are very thankful for the support of our investors. They have provided us with the funds we believe are needed to gain FDA clearance for SafeBreak Vascular. We intend to conduct the second tranche of our Series B funding round after FDA clearance later in 2020. The second tranche funding will be used to launch and fuel the growth of the new product."
"Peripheral IVs have been in use for almost 100 years, but no one has effectively figured out how to prevent harmful pulls on IV lines from causing spills and IV restarts. We expect to be the first company to obtain FDA clearance for a device that is designed to separate and save peripheral IV lines," Chief Technology Officer Spencer Jones stated. "Our innovative and patented SafeBreak technology is designed to help nurses so that unnecessary and painful IV restarts are avoided. This should give nurses back some of their valuable time, save hospitals money, and prevent additional needle sticks for patients."
ABOUT LINEUS MEDICAL
Lineus Medical is the developer of a patented, break-away IV technology that is designed to work with a variety of medical tubing. Dislodgement of feeding tubes, IV lines, urinary catheters and any other type of medical line could be prevented by the device breaking into two pieces, and therefore protecting the patient's medical line. The company's first product, SafeBreak Vascular, fits into any peripheral IV tubing and will help prevent unnecessary IV restarts, which occur 46% of the time according to the clinical literature.1 SafeBreak Vascular is not yet FDA cleared and is not yet for sale. More information is available at www.lineusmed.com.
1Helm, R.E., et al., Accepted but Unacceptable: Peripheral IV Catheter Failure. Journal of Infusion Nursing. 2015;38(3): 189-203.
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Vance Clement
