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"The series B round will enable our team to advance the production of the existing OMEA prototypes into units that can be used in clinical trial programs"
Bud Brainerd, CEO
Octet Medical Announces Completion of Series B Financing to Accelerate Development of the OMEA System
Octet’s successful Series B round represents an important advance toward OMEA use in clinical trials
SAN DIEGO (PRWEB) JULY 14, 2023
Octet Medical, Inc., a private medical device firm, announced today a $10 million Series B financing round. This funding, which follows Octet’s $6 million series A raise, brings the total capital raised to $16.8 million. The proceeds of the series B will enable Octet to advance the development of the Octet Medical Electrostatic Applicator (OMEA) for use in clinical trial programs.
“The OMEA electrostatic sprayer with interchangeable single use disposable product cartridges will reshape how clinicians apply topical therapeutics,” said Octet CEO, Bud Brainerd, adding, “the series B round will enable our team to advance the production of the existing OMEA prototypes into units that can be used in clinical trial programs.”
The OMEA sprayer is designed around the principles of electrostatics, transforming a sprayed fluid into charged particles that uniformly coats and adheres to the targeted surface tissue. Brainerd described that the OMEA system is designed to be a versatile platform with a variety of different disposable cartridges, each with a specific purpose. The company is doing research around cartridges specific to antiseptic/analgesics, cartridges containing biologics, such as stem cells, as well as polymer-containing cartridges for electrospinning to cover wounds.
“I am thrilled to welcome the Series B investors who have invested in Octet,” said Cliff Wright, Octet Medical’s Founder and Chairman of the Board. “This funding, along with the talent assembled at Octet, will accelerate our path to market and bring the application of topical therapeutics into the 21st Century.”
"Brian...brings significant depth in healthcare leadership as well as experience in start-up growth and financing"
Octet Medical Announces Appointment of Brian Berning to Board of Directors
Octet Medical appoints Brian Berning, an experienced business leader and healthcare strategist, to the company's board of directors.
SAN DIEGO (PRWEB) MARCH 03, 2022
Octet Medical, Inc., a start-up medical device firm, announced today the addition of Mr. Brian Berning to the company’s Board of Directors.
“We are very excited to have Brian join the Board,” said Bud Brainerd, CEO of Octet Medical, “he brings significant depth in healthcare leadership as well as experience in start-up growth and financing.”
Mr. Benning has over 20 years of strategic healthcare leadership, including his current role as Managing Director of Corza Health. He recently served as the CFO at GreatCall, the leading provider of connected health solutions for seniors which he successfully guided through its acquisition by GTCR in 2017 and ultimate sale to Best Buy a year later for $800 million.
Octet Medical Announces Series A Financing to Advance Electrostatic Sprayer Platform
The Series A financing round led by RJ Valentine Ventures/The MBA Group and successful medical device entrepreneur, Cliff Wright, will be used to advance the development of OMEA, Octet’s innovate electrostatic sprayer platform.
SAN DIEGO (PRWEB) APRIL 21, 2021
Octet Medical, Inc., a start-up medical device firm, today announced a successful Series A financing round led by RJ Valentine Ventures/The MBA Group and successful medical device entrepreneur, Cliff Wright, Co-founder of Victory Innovations, Inc. The new funding will be used to advance the development of OMEA, Octet’s innovate electrostatic sprayer platform.
The funding will drive technical development and prototyping of the Octet Medical Electrostatic Applicator (OMEA), an innovative medical device that is being designed to leverage electrostatic technology for use in application and treatment of topical conditions. Wright, who is Octet’s founder and the inventor of the OMEA Applicator, has previously partnered with Valentine’s MBA Group to build up Victory Innovations, Inc., which commercializes Wright’s Victory® electrostatic sprayer for use in the consumer sector. In September 2020, The Carlyle Group (NASDAQ: CG) acquired a majority stake in Victory Innovations in the midst of Covid-19 driven record sales.
“We are very pleased to have closed this significant Series A round, especially in the midst of the economic uncertainty caused by the pandemic, which further underscores how disruptive the OMEA platform is expected to be,” said Bud Brainerd, CEO of Octet Medical. “We see the stem cell application market and the burn and wound care market as areas where OMEA can have an immediate and disruptive impact.”
“Electrostatic technology uses the physics of electromagnetic forces which we believe will greatly enhance the ability for healthcare professionals to apply a chosen reagent to a specific tissue target,” said Wright, who will serve as Chairman on the company’s Board of Directors. “OMEA embodies the burgeoning convergence of science and technology, and I am delighted to be investing with RJ and the MBA Group once again in another transformational technology platform.”