Access Vascular, Inc. (AVI), a company addressing the most common and costly vascular access complications with its advanced biomaterial platform, today announced that it raised a Series C round worth $22 million from a consortium of new and existing investors.
The financing will support a substantial production capacity increase for the unique MIMIX™ hydrophilic biomaterial vascular access devices developed by AVI, which are designed to evade the foreign body reaction by mimicking the human body’s natural chemistry, as well as further research into the potential for MIMIX to lower catheter infection rates, and expansion of AVI’s product portfolio.
“AVI is poised to have a substantial impact on vascular access complications and their associated costs,” said James Biggin, founder and CEO of Access Vascular. “This funding, coupled with increasing demand for our ground-breaking catheters, and new data showing reduced bacterial adhesion, is yet another milestone on our path to transforming the standard of care for vascular access.”
The patented MIMIX™ material used in AVI’s HydroPICC®, HydroPICC® Dual, and HydroMID® catheters has demonstrated a six-fold decrease in complications compared with standard polyurethane catheter material.i Recently presented data showed a four-log reduction in bacterial adhesion using an in vitro blood loop model and a 96 percent reduction in thrombus accumulation, compared to a polyurethane catheter.ii
Complications related to vascular access, which can run to more than $20,000 per incident, cost the U.S. healthcare system approximately $4.5 billion dollars annually – notwithstanding the potential for long-term adverse effects for patients.iii The innovative MIMIX™ biomaterial’s proven ability to lower complication rates has the potential to make a substantial impact on those numbers.