Preceptis Medical Inc., a U.S.-based pediatric surgical technologies developer, has reached the initial closing of its series B financing round led by a group of unnamed Chinese private investors.
No financial details were disclosed in a company announcement. With the investment, Preceptis plans to accelerate its global expansion to China with the assistance from its new Chinese partners, according to a company announcement.
Founded in 2011, Preceptis develops Hummingbird Tympanostomy Tube System technology that enables a conscious sedation alternative to general anesthesia for placing ear tubes in children. The company says, annually, there are 1.2 million ear tube procedures in the U.S. in young children and millions of similar procedures worldwide, all using general anesthesia, which is the only option currently.
The Hummingbird TTS is the only product that has received FDA clearance for ear tube procedures using conscious sedation; giving anesthesiologists the ability to adjust the level of sedation needed for this quick, minor procedure, the firm claims.
"The Hummingbird TTS has demonstrated its safety and efficacy in U.S. clinical trials and pilot commercial use. Parents and pediatricians have already shown that they will seek out otolaryngologists and hospitals that offer the Hummingbird TTS for ear tube procedures," said Steve Anderson, CEO of Preceptis. "The next step is a full commercial release in the US, followed by China and the rest of the world."
The company plans to use the latest proceeds to expand its commercial infrastructure, develop future pipeline technologies, as well as expand its business to China.