PROVIDENCE – A new medical technology startup founded in Australia is moving its headquarters to Rhode Island with the help of the New England Medical Innovation Center.
Founded by Nikhilesh Bappoo, Nicholas Buckley and Dr. Katherine Arenson, VeinTech seeks to tackle the high failure rate of first-pass cannulations, or the inserting of catheters into veins, using its ultrasound technology called the VeinWise System.
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With 90% of patients requiring an intravenous catheter and 1 billion IVs placed annually in emergency departments throughout the United States, the 40% failure rate of successfully inserting IVs on the first attempt, which increases to a 70% failure rate in difficult intravenous access patients, costs an estimated $2.6 billion a year, according to a NEMIC news release.
Described as “a world-first innovation enabling the visualization of vein pathways at depth, while being incredibly easy to use and highly accessible through portability and cost,” the VeinWise System, a portable, handheld device, minimizes training requirements while maximizing access for widespread adoption, according to the release.
The New England Medical Innovation Center is playing an integral role in VeinTech’s move to the Ocean State.
In March, NEMIC signed a memorandum of understanding with Perth Biodesign, a Western Australia-based organization providing training and additional resources to biomedical entrepreneurs, to create a reciprocal health technology relationship, or what the companies branded as a “HealthTech Bridge,” between Providence and Perth, Australia.
The MOU positions the two organizations to share resources and allowed Perth Biodesign to expand into the U.S. market. Run by the University of Western Australia and affiliated with various government and innovation entities throughout its home country, Perth Biodesign works to identify unmet health care needs and support entrepreneurs in developing solutions.
VeinTech, which is the first company to cross the “HealthTech Bridge” between Perth and Providence, is seeking to raise $4 million toward U.S. Food and Drug Administration clearance for the VeinWise System, as well as the expansion of clinical evidence and a limited market release in the U.S.
The development will “reshape the future of medicine,” said Providence Mayor Brett P. Smiley.
“Providence is uniquely positioned to attract and support groundbreaking medical technologies that better promote improved health care outcomes,” Smiley said. “This partnership will create high-quality jobs and reinforce our commitment to leadership in life sciences and health care solutions.”
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
