Local medical device maker Dallen Medical raises $3.35M
Dallen Medical of San Clemente has raised approximately $1.6 million of new capital. The company reported that the total capital raise adds up to close to $3.35 million with the addition of approximately $1.75 million from converted debt.
“We are attempting to do two things — further our development of our planned first product, the Compressyn™ Band, and initiate pilot manufacturing of this product. This capital will move the company down its product development plan in achieving these objectives,” Dallen Medical president and CEO, David H. Mills said. “All of our investors are pleased and a number of them contributed to this follow on investment.”
“The investment was lead by Pacific Health, a well recognized institutional investor here in Orange County whose predecessor fund, Pacific Republic Capital, invested in Irvine Biomedical and Accuray. Dallen Medical is delighted to be partnering with such a strong partner that knows our space.” The company also secured an additional $1 million credit line.
Dallen Medical’s patented Compressyn™ technology offers significant improvement over existing products by delivering superior fixation with compression in sternal closure, small bone and sports med
applications. This will result in better patient outcomes, resulting in cost savings and reductions in length of stay.
For more information, visit www.dallenmedical.com