Loop Medical closes $6.4 Million Series A financing to support U.S. market entry of Its painless, easy-to-use blood collection device
Loop Medical, a healthcare company reinventing blood collection, today announced it has completed a $6.4 million Series A financing round led by SARSTEDT Group and Casdin Capital. Proceeds of the round will go towards U.S. FDA clearance and ramped-up manufacturing of its painless and easy-to-use blood collection device. The device will be targeted to the home, clinical trial, and liquid biopsy testing markets for a combined total addressable market of $5.2 billion.
“This investment further validates our technology and the significant market opportunity we have ahead of us,” said Arthur Queval, founder and CEO of Loop Medical. “We thank SARSTEDT Group and Casdin Capital for sharing the belief in our potential and look forward to bringing our technology to U.S. healthcare providers, labs, and patients.”Loop Medical is developing a novel, minimally invasive device that allows for the collection of quality blood samples large enough to be fully compatible with common high-throughput blood analyzers while providing an easy, pain-free patient experience, improving safety and lowering costs. The device can be safely administered by a clinician or patient with just the push of a button. Positioned comfortably on the upper arm for a few minutes, the ergonomic device combines patented skin vasodilation and microincision
technology to enhance capillary blood flow while ensuring low hemolysis (red blood cell destruction) levels. Its controlled extraction ensures low shear stress on red blood cells, and therefore, sample quality.
In connection with the financing, Rainer Schuster, board member sales/marketing/R&D, SARSTEDT Group, and Shaun Rodriguez, director of life science research, Casdin Capital, will join the Loop Medical board of directors.
Loop Medical has raised more than $10 million in investment and grants to date, including $3.6 million from the Bill & Melinda Gates Foundation.
In 2004, Loop Medical was among the TOP 100 Swiss Startups and participated in Venture Leaders Technology. In 2013, they had raised CHF 130,000 winning Venture Kick Stage 3.
Source: Loop Medical Press Release
Loop Medical SA: Loop is developing a painless blood collection technology
Loop medical is developing an easy and painless blood collection technology compatible with existing laboratory infrastructure. Established in 2017, Loop Medical is backed by market leader Sarstedt an... Read more
