general news

CorVent raises $4.5 M for commercialization of single-use ventilator

CorVent raises $4.5 M for commercialization of single-use ventilator
CorVent raises $4.5 M for commercialization of single-use ventilator

CorVent Medical’s single-use, critical care ventilator is expected to report critical unaddressed needs highlighted during the coronavirus pandemic spread.

Amidst the ongoing COVID-19 pandemic scare, a Coridea portfolio company- CorVent Medical has reportedly announced generating USD 4.5 million for the commercialization of the first critical care, single-use ventilator which would enable affordable and rapid deployment with exceptional infection control. It has been reported that the funding round was led by a well-established European life sciences venture capital enterprise- Sofinnova Partners, in association with Redmile Group, Genesis Medtech group, Exor Seeds, Accel Founder Jim Swartz, the Pagliuca Family Office, and The Deerfield Foundation.

According to official sources, the funds raised would be used to finalize the regulatory filings under the FDA’s Emergency Use Authorization Act, to launch CorVent Single-use ventilator, and support future development of next-gen medical devices for respiratory insufficiency.

The CorVent single-use ventilator has been developed to address each patient’s respiratory needs in an easy plug and play set-up with built-in safeguards. The single-patient design offers brilliant infection control with integrated filters to protect frontline warriors like healthcare provides, staff and also patients from getting infected. The single use ventilator is likely to deliver high critical care ventilation at this crucial time of spreading COVID-19 pandemic when various healthcare settings have been facing acute shortage of medical equipment.

Commenting on the launch, the CEO of CorVent, Mark Gelfand stated that the company’s newly designed product- single use ventilator carries the potential to extend capacity when needed the most. Moreover, it enables hospitals and other healthcare systems to efficiently and cost-effectively address respiratory insufficiency so that healthcare experts can focus and act accordingly to critical patient needs. 

Meanwhile, the Managing Partner at Sofinnova Partners- Antoine Papiernik, quoted that CorVent has put forth an elegant single-use solution for emergency situations that can be stockpiled for longer periods of time with no related cost and delay of complicated service contracts. He further adds that the financial firm is proud to partner the company to introduce a much needed solution to the global medical market.

Source credit: https://www.prnewswire.com/news-releases/corvent-medical-a-coridea-portfolio-company-closes-4-5m-seed-financing-to-commercialize-the-first-single-use-critical-care-ventilator-301056137.html

About the author

Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.