The company’s flagship device is the Credence Companion safety syringe, a pre-fillable device sold to drug manufacturers for use with injectable medications. The user injects their medication, gets a cue when they’ve taken their dose, and the needle automatically retracts into the syringe.
The Companion system is compatible with existing commercially available syringe barrels and closure components, according to Menlo Park, Calif.-based Credence.
“This financing comes at a time when our company is rapidly gaining customer traction and provides our team with additional resources to continue the development of our highly innovative drug delivery platforms. We provide novel and proprietary solutions for the growing, multi-billion dollar market for pre-filled devices,” COO Jeff Tillack said in prepared remarks. “We are providing solutions that meet the unmet needs of the pharmaceutical industry for safe, cost effective and easy to implement next generation products.”
“We have several active collaborations ongoing with multi-national pharmaceutical and biotechnology manufacturers,” added chief commercial officer John Merhige. “This funding, along with the revenue from our development agreements, allows us to advance these projects towards commercialization and to advance other next generation products through the development process. Further, our R&D pipeline is vibrant with some exciting new product opportunities.”
The post Credence MedSystems raises $15m for safe-syringe drug delivery appeared first on MassDevice.
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