KitoTech Medical Announces Completion of $3M Financing

Thursday, February 7, 2019 General News
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KitoTech Medical announced today that it has completed a $3 million convertible note financing. The additional capital will enable KitoTech to distribute nationwide to emergency departments, urgent care and first responders, and introduce microMendŽ to a broad range of surgical specialties, dermatology and obstetrics and gynecology.

SEATTLE, Feb. 7, 2019 /PRNewswire-PRWeb/ -- KitoTech Medical, a privately held medical device company, announced today

that it has completed a $3 million convertible note financing. Proceeds will be used to expand the market launch of the company's novel wound closure device product, microMendŽ, throughout the US, introduce microMendŽ internationally, and support the development of new products.

"We are excited to be able to provide microMendŽ nationwide in our first markets in emergency settings, including emergency departments, urgent care and first responders, and expand into a broad range of surgical specialties, dermatology and obstetrics and gynecology," said Dr. Ronald Berenson, CEO and President of KitoTech Medical. "During our pilot launch last year, physicians were impressed with microMendŽ and the many benefits it provides for them and their patients."

Kitotech Medical's proprietary wound closure product, microMendŽ, is an attractive alternative to the current choices of sutures, staples and glues for closing skin wounds. It utilizes an array of tiny stainless steel staples (Microstaples) attached to a backing to achieve the holding strength of a suture with the simplicity of applying a bandage. microMend was named one of the "Best Medical Technologies" of 2017 by Medgadget.com.

Advantages of the microMend device include ease of use, faster and lower procedure costs, improved patient comfort compared to conventional sutures and staples, ability of patient to remove devices, and application to a broad range of lacerations and surgical incisions of varying lengths.

More information about the product can be found at: http://www.micromendskinclosure.com

About KitoTech Medical

KitoTech Medical is a Seattle-based medical device company that is developing and commercializing products for wound closure. The Company's first product, microMend, has been demonstrated to provide excellent results in several clinical studies and is available for sale to healthcare providers in the US.

 

SOURCE KitoTech Medical



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