Poseydon Medical has developed the Oryon™ Aspiration catheter designed to deliver “True Clot Capture” to the remote brain anatomy for the treatment of Acute Ischemic Stroke. Acute ischemic stroke (AIS) occurs when there is a sudden blockage of the arterial blood supply inside the brain, most commonly by a blood clot or “thrombus.” More than 750,000 AIS cases occur every year in the United States alone, making it the 5th leading cause of death and disability.
One of the most common treatments for AIS is the use of a catheter to physically remove the clot. The global market for these “mechanical thrombectomy” devices is valued at ~$1B globally.
The Oryon™ Aspiration catheter system leverages proprietary technology to create the largest inner diameter and the highest aspiration rate of any neuro or brain catheter. More specifically, the catheter is designed to match the average diameter of the artery to completely capture the entire clot and thereby reduce fragmentation which may lead to additional blockage of blood flow deeper in the brain (distal embolization). At a time when seconds count, use of the Oryon™ will result in faster and more efficient clearance of the cause of the stroke.
A recent hands-on evaluation by an Interventional Neurologist demonstrated, in multiple bench top models, that the Oryon™ “Super Bore Catheter” can be directed to the target anatomy as easily as smaller diameter aspiration catheters. This Key Opinion Leader is a recognized expert in the field, according to former top-tier industry executive advisors, and has stated that the technology of Oryon™ Aspiration catheter is unlike any other aspiration catheter on the market.
The company is seeking $4M Series A round of capital to advance ORYON™ through the regulatory process to US market clearance within one year of funding. Term sheets will be considered from potential acquirers upon regulatory clearance. If no satisfactory acquisition offer is accepted, then a $4M Series B will be raised to conduct a market release to key stroke centers in the US.
The Oryon™ Aspiration catheter and other pipeline products have been developed in conjunction with Naglreiter Medical Device Development Organization (NMDDO). NMDDO is a novel, “fractional” incubator with a track record of device development and successful exits at a fraction of traditional development costs. NMDDO and multiple private investors have financed Poseydon Medical to date and have committed to roll over a portion of proceeds from a recent acquisition of a “sister company” into an investment in Poseydon Medical. The company is seeking additional qualified follow-on investors to fill out the Series A round.
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