GAHANNA, Ohio — PercuVision, a company that promises a safer path through the male urethra, says it’s weeks away from product launch and has raised money to start sales and production.
The company raised more than $2.9 million through angel investors, according to a filing this week with the Securities and Exchange Commission. It expects an approval this month from the U.S. Food and Drug Administration for one last portion of its device, called the DirectVision System. Once it receives that approval, the company will begin selling immediately, said Earl Singh, PercuVision’s chief operating officer.
The company has built what it calls a “visual guide” through the urethra that will cut down on problematic insertions into the urethra and cut health-care costs by eliminating costly procedures from catheter-related damage. The product, in essence, is a catheter with a flashlight and camera at the end. Nurses, who usually perform catheter insertions, can see the catheter’s path and will be more likely to complete the procedure smoothly and quickly the first time, Singh said.
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“The urethra is not a straight line,” he said.
PercuVision will soon double its eight-member workforce and will start selling its product throughout Ohio and neighboring states, Singh said. A likely first customer is OhioHealth, the Columbus-based health system which helped PercuVision refine its process and prepare for clinical trials.
Singh said anywhere between 20 percent to 40 percent of urethral catheterizations are “problematic,” meaning they aren’t done right the first time.
The product targets men because women have a shorter urethra and fewer complications related to insertion, though it can be used for either gender, Singh said. The first version of the product is for adults. A second version, expected for 2010, will also work on children.
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The device costs $29,000.
PercuVision hopes to raise a total of $7 million for the launch through private investment and debt, Singh said. It has also applied for a commercialization grant through Ohio’s state-funded Third Frontier program. The company previously raised $2.3 million through angels, according to the SEC.
