Medical device start-up Bioconnect Systems Inc. has raised an undisclosed seed round of financing as it gears up to raise a $6 million Series A, the company told VentureWire.
Adam Dakin, chief executive of Bioconnect, said that MentorTech Ventures, Robin Hood Ventures and angel investors provided the financing in the form of a convertible note.
Dakin declined to give the value for the seed round.
The seed money will tide the company over until it raises the Series A. Dakin said that it plans to kick off fundraising for that round in early June.
Based in Ambler, Pa., Bioconnect launched with the assets of an undisclosed defunct device company working on coronary and heart bypass technology. Launching the new company in April, Dakin said that the company will use the technology, although for a different purpose: vascular access in dialysis patients.
Dakin said that the company is keeping most of the details of its technology under wraps.
Along with the IP that Bioconnect acquired in its launch, Dakin said that the company obtained considerable clinical research for the device. "We like to think of ourselves as a Series C company raising a Series A," he said. "We are actually very far along - we have proof-of-concept in man, we have four issued patents."
Dakin said that he hopes that Bioconnect's device ultimately will receive 510(k) clearance by the Food and Drug Administration, although the company has not set a firm deadline for submitting its request to the regulators. "That's not yet determined," he said.
Dakin was a former CEO of vascular closure device maker X-Site Medical LLC.
Reach Bioconnect at 215-646-6830
http://www.bioconnectsystems.com/