Perceptive Navigation Receives $225,000 State Venture Fund Investment
BALTIMORE, MD (August 26, 2015) – Perceptive Navigation, a medical device company in Baltimore, has been awarded a $225,000 investment by the Maryland Venture Fund (MVF), the state’s primary venture capital investment program. Perceptive’s first product, an ultrasound probe dubbed Vu-Path, uses the company’s advanced imaging techniques to allow surgeons to precisely place and guide the instrument during procedures. The state’s investment is part of a $500,000 seed round led by MVF and The Abell Foundation.
“I am thrilled with the progress being made at Perceptive and look forward to bringing our first product to market,” said Todd Chappell, Perceptive’s new CEO. “The VuPath alternative to XRay, CT, and MRI imaging will improve healthcare quality while reducing overall spending. Further, these investments by The Abell Foundation and the MVF affirm the value of our proprietary platform and demonstrate their commitment to supporting local companies.”
Founded by prominent Johns Hopkins cardiologist Dr. Theodore Abraham, Perceptive Navigation is a pre-clinical stage medical device company developing and seeking FDA clearance for forward-viewing, image-guided interventional medical devices. Perceptive has also received a $1.4 million grant from the National Heart, Lung, and Blood Institute of the National Institutes of Health (NIH) as well as earlier funding rounds from NIH and the Maryland Technology Development Corporate (TEDCO).
“Advancing a needle or delivering a device to specific locations within the body has always been a challenge,” Dr. Abraham said. “It is exciting to see this momentum after the technology has shown significant promise in early testing and as we move to commercialize our first product.”
“We are proud to make this investment in Perceptive Navigation and excited to watch the development of Vu-Path and the other products in their pipeline unfold,” said Mike Gill, Secretary of the Maryland Department of Business and Economic Development (DBED), which oversees the MVF. “Perceptive Navigation is a perfect example of the strength in research and discovery and the entrepreneurial spirit that make Maryland’s economy so vibrant and competitive.”
The Maryland Venture Fund is a regionally recognized leader in seed and early-stage investing and a national model for state-supported investment programs. With nearly two decades of experience and numerous successful investments, MVF invests in highly innovative technology companies across the full range of industry sectors including software, communications, cybersecurity and life sciences companies in the areas of healthcare IT, medical devices and diagnostics.
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.