CARDIFF, Wales, December 1, 2014 /PRNewswire/ --
Arthurian Life Sciences, the specialist fund management company led by Professor Sir Chris Evans, announced today it has formed a partnership with leading US medtech firm, Interrad Medical Inc.
The Minneapolis-based company is the developer and manufacturer of SecurAcath®, the world's most effective device for securing catheters in patients.
The partnership is the sixth investment of The Wales Life Sciences Investment Fund, managed by Arthurian, which was formed to act as General Partner of the fund.
The fund has made a £3m investment in Interrad, acting as cornerstone investor in a financing through which the company will establish its European headquarters at the Life Sciences Hub Wales in Cardiff, as a base for sales, marketing, distribution and training.
SecurAcath® is a unique device proven to provide significant advantages and savings over current securement methods, decreasing time to secure, maintain and remove catheters and removing dislodgement risk, resulting in greater patient comfort, saving time and eliminating needle stick injury risk. It is already in use in almost 300 hospitals globally, including Cardiff's Velindre hospital which reported the overwhelming benefit of the device in prevention of migration.
Interrad will co-ordinate sales and training in 9 European countries initially. Arthurian will assist the company in this expansion, and ultimately into MENA and the Far East. Plans for Wales include manufacturing, packaging and distribution of SecurAcath, in addition to the development of new products on the platform.
Arthurian Chairman Professor Sir Chris Evans commented:
"The investment in Interrad demonstrates the global reach of my team at Arthurian and the impact the Wales Life Sciences Fund can make to the Welsh sector by bringing in the best of US medical technology and practices. Advances in medical science and biotech are a global industry affecting everyone, and I am pleased to be placing Wales at the forefront of that industry".
Interrad Medical Inc. CEO Joe Goldberger said:
"We are very pleased with this latest investment to establish a European headquarters in Cardiff. We look forward to working with Arthurian and the Life Sciences Hub Wales on expanding and growing global sales of the revolutionary SecurAcath device."
Minister for Economy, Science and Transport Edwina Hart said: "We are delighted to welcome Interrad to Wales, and wish them success in expanding their sales and distribution from their new European headquarters at Cardiff Bay. Interrad's decision acknowledges the leading position of Wales in life sciences and builds on the strong foundation of medtech research, development and production for which Wales is well known. The move also confirms the position of the Life Sciences Hub Wales at the centre of this growing, vibrant and prosperous sector."
Life Sciences Hub Wales Chairman Professor Chris McGuigan said:
"Wales has some gems of world-leading activity in medical device technology - and this is further strengthened by the Life Science Fund's investment in Interrad Medical. Interrad will find a thriving ecosystem in the new Life Sciences Hub and we will warmly welcome them as our 60th member."
SOURCE Arthurian Life Sciences