BELLEVUE, Wash.–(BUSINESS WIRE)–May 1, 2003–Bellevue-based ClearMed Inc. has received $7.2 million in venture capital led by Integra Ventures, a Seattle life-sciences venture-capital firm.
The financing was supported by Buerk, Craig and Victor LLC (Seattle); Eaglestone Investment Partners ILP (Long Beach); and Star Equity management (Seattle). ClearMed, the leader in reprocessing of non-invasive medical devices, will use the capital infusion to begin a nationwide expansion plan, beginning with two sites scheduled to open later this year.
“We are committed to providing safe reprocessing solutions to hospitals and healthcare providers across the U.S.,” said ClearMed CEO Sandra Rorem. “These funds will allow us to expand our FDA-compliant facilities and partner with healthcare providers in new markets, offering reprocessed devices at an average savings of 30-70 percent per device.”
With headquarters in Bellevue and staff in five other U.S. cities, ClearMed plans to open a regional service center in Dayton, Ohio in June. The facility, which will include a reprocessing operation, will employ approximately 60 technicians, sales staff and managers. Two more regional service centers are scheduled to open within the next year, and ClearMed expects to open another four by early 2005.
Integra Ventures partner Hans Lundin said, “Hospitals are under increasing pressure to provide better patient outcomes at a lower cost, and ClearMed’s reprocessing solutions directly address this fundamental healthcare issue. The ClearMed team has developed a significant base of satisfied hospital clients who enjoy meaningful savings as a result of the company’s high-quality service.”
About ClearMed
ClearMed Inc. is committed to the responsible reuse of single-use Class I and Class II medical devices using a proprietary high-level disinfection process. The company partners with hospitals and healthcare facilities to provide scientifically based and environmentally sound reprocessing solutions. This service enables hospitals to reuse each medical device, lowering the per-patient cost by hundreds of dollars and saving hospitals between $250,000 to $750,000 annually. The ClearMed process is ISO 9001 certified, fully compliant with FDA and Centers for Disease Control guidelines, and helps reduce the two million tons of hospital waste generated each year in the U.S. This technology, which emphasizes environmental stewardship, is furthering the EPA and American Hospital Association goal of reducing overall hospital waste volume by 33 percent by 2005 and 50 percent by 2010.
About Integra Ventures
Formed in 1998, Integra Ventures is a life sciences venture capital firm with $40 million under management. The company concentrates on healthcare services, biotechnology and medical device startups based on the west coast, particularly in the Pacific Northwest. Integra Ventures actively seeks the opportunity to back entrepreneurs who firmly understand U.S. healthcare distribution channels, payment sources, and technologies that will improve healthcare outcomes and lower costs.
