By Chris Bavender
A Carmel-based medical technology company has landed $8 million in financing that will be used primarily to advance clinical trials, hire talent and advance its global patent portfolio.
Joe Muldoon, chief executive officer of FAST BioMedical, said the financing came from the National Institutes of Health NIH, an organization with which they’ve had a long partnership, and a new single family office investor with experience and interest in life sciences.
“It was the culmination of a fundraising process where we sought out good matches for what we are doing. Alignment of understanding, motivation and goals are very important with investors, and that is what we look for,” Muldoon said. “These three areas are the three most important areas for moving the technology forward while discharging risk from the business plan.”
Muldoon said obtaining the financing was vital as it is the only thing that moves pre-revenue companies forward.
“It will very adequately fund our next set of objectives. Completing our next human trial and having good data from it is key,” he said. “We will not seek additional financing until after we are well through that.”
FAST BioMedical’s technologies measure blood volume and kidney function in a “clinically viable way,” which has the potential for “impact on congestive heart failure, major surgery, sepsis, critical care and kidney disease patients,” according to a press release.
“Medical Experts are quite enthused about the potential to favorably impact the outcomes for congestive heart failure patients as well as those undergoing major surgery, sepsis and many in the critical care ward,” Muldoon said. “Hospital administrators are equally enthused about the technologies’ potential to simultaneously reduce costs.”
The financing also allows the company to hire three to four new employees in the first six months to a year.
Muldoon said it’s important for the company to continue to grow in the Carmel area.
“We have had a good experience in central Indiana. Many of our key collaborators are here. Indiana is very pro-business. Elevate Ventures, BioCrossroads, the 21st Century Fund, IU, Purdue, Rose-Hulman have all been key contributors,” he said. “There are many expert resources for life science companies to tap in Indiana. Many successful Indiana entrepreneurs and scientists have been generous with their advice to us. That means a lot.”