InterRad Medical Looks To Raise $6 Million
Plymouth-based InterRad Medical Inc. looks to raise $6 million in equity financing according to a Wednesday filing with the U.S. Securities and Exchange Commission. InterRad’s filing indicates that the company has not yet raised any of the money that it seeks in its latest round of financing.
InterRad’s product is the SecurAcath device. During a hospital stay, a patient may have a catheter inserted into his or her arm for the delivery of fluids or medication. The small SecurAcath device can be snapped onto a catheter to improve stability of the line and reduce incidences of catheters becoming dislodged. InterRad received clearance from the U.S. Food and Drug Administration for the device in 2010.
InterRad president and CEO Joe Goldberger was traveling and could not immediately be reached for comment on the company’s filing.
InterRad’s filing did not disclose the company’s revenue, but the company has drawn investors in the past. In 2011, the company announced raising $10 million in its Series C financing round. Those funds came from “high-net-worth angel investors.”
In 2014, InterRad announced that it had raised $7.5 million. That money was slated to be used to open a European headquarters in Wales in the United Kingdom.
InterRad was founded in 2004 by Dr. Michael Rosenberg, a radiologist who serves as the company’s Chief Medical Officer and sits on its board. The five-member board of directors also includes Stanley S. Hubbard, chairman of St. Paul-based Hubbard Broadcasting Inc.
Twin Cities Business previously covered InterRad in 2012.
In July, the Golden Valley-based Medical Alley Association reported that Minnesota medical companies raised $227 million through various forms of financing during the first six months of 2016. That marked the best showing for the first half of the year since Medical Alley began tracking the data in 2009.