BACKGROUND
As startling as it may seem, more people die from medical errors than from breast cancer, motor accidents or AIDS, according to the Institute of Medicine as described in its classic book, To Err Is Human. In the United States, up to 98,000 people die annually as a result of medical errors. These errors come with a staggering price tag: as high as $29 billion per year in the United States. Most hospital patients receive IV fluids. Potentially harmful errors occur in about 33% of the cases (BMJ 2003). A substantial number of the errors (35%) are related to the preparation or administration of IV medications or blood transfusions (Journal of Quality Improvement 2000).
TECHNOLOGY & PRODUCT
Pro-IV Medical has developed its PRIDE system (Preventing Intravenous Drug Errors), a platform technology to prevent errors in infusing medications and transfusing blood. There is no other technology like it. The system has two components:
1. Disposable or reusable plastic infusion/transfusion
valve located anywhere on the infusion/transfusion
stream
- Valve is closed and prevents the flow of medication or blood into the patient
- Valve can only be opened by the handheld activation device (HHD) after verification of patient and medication
- Valve can be mechanical or electronic
2. Fully programmed, reusable, electronic handheld
device (HHD)
- Scanner (e.g., barcode) verifies patient and medication by scanning medication bag and patient’s ID bracelet
- Verifies dose, prescription, and timing of medication
- Opens valve
- Stores patient and medication information
- Communicates with other information systems in the hospital
- Records the activities performed by staff or caregiver
BUSINESS MODEL
The Company will sell the disposable valves and reusable electronic HHDs. Each hospital department is expected to have two to three HHDs to activate Pro-IV's valves.
MARKET
There are about 1 billion intravenous infusions and blood transfusions per year in the United States.
TEAM
- Michal Devir, M.D., Board Chairperson. Founder. Physician with extensive experience in management and biotechnology investments; headed a number of start-up biotech companies
- Professor Jacob Nusbacher, M.D., CEO. Founder. World-renowned immunohematologist; academic career in transfusion medicine; former national director of Canadian Red Cross Blood Services
- Pierre Sharvit, D.V.M., Founder. Veterinarian who conceived the Pro-IV concept; former scientist at Weizmann Institute of Science; consultant to biotech start-ups
- Gershon Goldenberg, B.Sc. Founder. Electrical engineer, entrepreneur, and co-founder of several biotech start-ups
- Steve Rhodes, MBA, Director. CEO, Misgav Venture Accelerator, a leading Israeli biotech business center
- D. Todd Dollinger, Director. Chairman, The Trendlines Group
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| Contact Us |
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Pro-IV Medical Ltd.
117 HaMachlava, P.O. Box 331
Kfar Vitkin 40200, Israel
Tel/Fax: +972.9.866.4071
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COMPANY STATUS
Founded: 2006
INTELLECTUAL PROPERTY
Three PCT patents filed on entire Pro-IV system; main patent in national phase
DEVELOPMENT STATUS
Q2 2009: Working to establish strategic relationships with industry leaders
Q3 2009: Disposable mechanical valves and programmed HHD ready for clinical evaluation
Q3 2009: Ready for pre-IDE meeting (FDA)
FUNDING
Pro-IV seeks up to $2 million to develop new products, submit new IP and maintain current IP, perform clinical testing, navigate the regulatory process and market the Company’s products.
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Medical Devices