Rivanna Medical pulls down $3m

Rivanna Medical, which makes an epidural needle guidance device, raised $3 million in an equity offering, according to a regulatory filing.

Charlottesville, Va.-based Rivanna won 510(k) clearance from the FDA for its Accuro handheld needle guidance device indicated for spinal anesthesia in March 2015 and launched the device last November.

A quintet of unnamed investors participated in the funding round, which Rivanna hopes will top out at $4 million, according to the filing.

“Because there are numerous clinical uses for Accuro, we believe it is a disruptive, game-changing device platform technology. The Accuro platform, which is based on automated 3D navigation, has an addressable $1.1 billion U.S. market today. Given the significant unmet clinical need for automated image guidance in general, and the spinal anesthesia market in particular, we are talking with potential strategic partners in order to accelerate U.S. market launch,” CEO John Williams said when the company announced its FDA nod last year in a press release.

Blind needle guidance can lead to failed spinal anesthesia, Rivanna said at the time. Of the more than 20 million epidural and spinal anesthesia procedures per year, some 20% fail, the company said.

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