Interrad Medical Raises Over $5M in Latest Funding Round
Interrad Medical Inc. has secured about $5.1 million in new capital from 42 investors, according to a recent regulatory filing. The Plymouth-based company, which makes a catheter-stabilizing device called the SecuraAcath, is now within reach of the $7 million goal it set for a debt financing round it kicked off at August’s end.
Interrad did not note in its filing how it planned to use the potentially $7 million in funds. Twin Cities Business reached out to the company, but did not receive comment by press time.
Previously, Interrad has used capital from fundraising rounds to expand its operations. Most recently, in 2014, the company raised $7.5 million to open its European headquarters in Wales in the United Kingdom.
Interrad has drawn plenty of investor interest in the past. If the company hits the goal of its latest funding round, it’ll have raised nearly $30 million in eight rounds dating back to 2010.
Dr. Michael Rosenberg, a practicing radiologist and currently Interrad’s chief medical officer, founded the company in 2004. Its SecurAcath device—which helps prevent catheters from becoming dislodged after insertion into a patient’s arm—was cleared for hospital use in 2010 by the U.S. Food and Drug Administration.