Credence MedSystems draws $12.8M to fund safety syringes

Credence MedSystems received a shot of $12.8 million in financing through a series B round. The funds will help advance and expand manufacturing of its injectable drug delivery devices.

"This investment comes at a great time for us," Credence CEO Jeff Shanley said in a statement. "We will use the funds to support scaling of our lead product, the Companion Staked Needle Syringe System, as well as to progress ongoing product development within our pipeline."

"Increasing our manufacturing capability to commercial volumes will support our collaborations with customers and strategic partners," Shanley said. "Additionally, we plan to progress development on other innovative products, including our Dual Chamber Reconstitution Safety Syringe and our connected health platform."

The companion syringe combines the Menlo Park, California-based company’s components with a pharmaceutical company’s existing syringes or cartridge barrels, to help protect users against accidental needlesticks and prevent reuse by retracting the needle with an audible cue.

The platform of prefillable syringes includes staked needle, luer needle and dual chamber reconstitution options.

Full details of the funding round and its participants were not disclosed. The products have not yet been evaluated by the FDA.

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