Innovative Trauma Care, a Canada and San Antonio, Texas-based medical device startup, has closed on $3.64 million in Series A financing. The money will be used to commercialize its first product: the “ITClampTM Hemorrhage Control System,” the company said. Specifics of the round were not released.
Innovative Trauma Care (ITC), an early-stage medical device firm focused on developing point of injury solutions for trauma, first responder and military medicine applications, has closed its Series A funding round, totaling $3.64 million. The funding is being used to prepare the company to commercialize its first product, the ITClampTM Hemorrhage Control System.
The Company received a license for sale from Health Canada, the Federal department that reviews medical devices to assess their safety and effectiveness, in September 2012. ITC expects the CE Mark from the European Union in late 2012 and US clearance from the FDA in 2013.
The ITClamp was designed to address massive hemorrhage – a leading cause of death in traumatic injury – by controlling critical bleeding in as little as five seconds. The clamping device works by sealing the skin closed to create a temporary pool of blood under pressure, which forms a stable clot until the wound can be surgically repaired.
Innovative Trauma Care’s Chairman of the Board Phil Faris, said, “The confidence that our investors have placed in our first product is inspiring, and proof that the concept offers an intriguing solution to an unsolved issue in medicine.”
Incorporated in 2010 and based in Edmonton, Canada with a US headquarters in San Antonio, Texas, Innovative Trauma Care is addressing unmet needs in the field of emergency medicine by developing, manufacturing, and commercializing point of injury solutions to treat common causes of preventable death in traumatic injury scenarios.