Lineus Medical Awarded $100K in Technology Development Program Funding from the Arkansas Economic Development Commission
August 23, 2021 / Share:
FAYETTEVILLE, Ark. & LITTLE ROCK, Ark. – Aug. 19, 2021 – PRLog — Lineus Medical announces it has been awarded Technology Development Program (TDP) funding through the Arkansas Economic Development Commission (AEDC). The TDP provides royalty based financing for qualified science and technology projects with a potential for economic and employment growth in the state of Arkansas. The goal of the program is to assist in developing new technology-based products and processes. The $100K in funds will be used to further develop BVAD, Lineus Medical’s patented, dual lumen, peripheral IV catheter.
This is the first time Lineus Medical has received TDP funding from the AEDC. Vance Clement, CEO of Lineus Medical stated, “The design enhancement we’re investigating has the potential to reduce catheter occlusion, a common complication that impacts millions of IV catheters every year. Additionally, this design enhancement would give us a differentiated product offering for the massive single lumen peripheral IV catheter market. We are very grateful for the support we’ve received from the AEDC.”
BVAD is the company’s second product behind SafeBreak Vascular, the company’s flagship product that received FDA clearance in May of 2021. BVAD is a peripheral IV catheter designed to dwell in the vein while facilitating pain free, uncontaminated blood samples through a secondary lumen dedicated to only blood draws. Lineus Medical believes the use of BVAD will likely reduce phlebotomy costs and make inpatient hospital stays more comfortable for diabetics and other patients that require frequent blood sampling.
Spencer Jones, Founder and Chief Technology Officer stated, “This TDP funding is critical because it allows BVAD development to move forward in a meaningful way. With these funds, we will be able to validate the safety and performance of a unique design enhancement against industry leading peripheral IV catheters.”
The funding awarded through the TDP is non-dilutive and does not require matching funds from the company receiving the award. Royalties from sales generated from the developed technology will be collected by the AEDC in accordance with the royalty agreement reached by the AEDC and the award recipient.
ABOUT LINEUS MEDICAL
Lineus Medical is the developer of a unique, patented, break-away technology that can be adapted for use with a variety of medical tubing. Complications with feeding tubes, IV lines, urinary catheters and any other type of medical line could be prevented with a device that breaks into two pieces to protect the patient’s medical line. More information about Lineus Medical can be found at www.lineusmed.com. Follow Lineus Medical on LinkedIn or Twitter.
ABOUT THE AEDC
The mission of the Arkansas Economic Development Commission is to create economic opportunity by attracting higher paying jobs, expanding and diversifying Arkansas’ state and local economies, increasing incomes and investment, and generating positive growth throughout Arkansas. The AEDC offers a number of programs, resources and incentives that serve businesses across the entire state. For more information on programs and incentives offered by AEDC, click this link.