VANCOUVER - Innomed Tech Ltd., a subsidiary of PureFlowCath, is advancing the development of its PureFlowCath Catheter System, which aims to reduce urinary tract infections (UTIs) associated with catheter use. The company recently secured a European Patent and has now engaged Cambridge Consulting to further the design and development process.
The PureFlowCath Catheter System is designed to provide continuous irrigation, a method which the company expects will lessen the incidence of catheter-associated UTIs (CAUTIs). CAUTIs are a significant healthcare concern, accounting for up to 40% of all hospital-acquired infections in the United States, with over 13,000 related deaths annually, as per the Centers for Disease Control and Prevention (CDC).
Innomed Tech is following the US Federal Drug Administration's recommended Waterfall Medical (TASE:PMCN) Device Design Process in bringing the product to market. The development costs for the PureFlowCath Catheter System are primarily funded by proceeds from CIC Fund Securitisation S.A., based in Luxembourg.
Additionally, the company is progressing with plans to list on a regulated, designated stock exchange through a Non-Offering Long Form Prospectus.
Cambridge Consulting, a subsidiary of the Capgemini SE group, has a history of innovation in deep tech fields such as artificial intelligence, biotechnology, and quantum computing. Their experience in healthcare challenges and medical device development positions them as a strategic partner for Innomed Tech in the PureFlowCath project.
The collaboration with Cambridge Consulting is expected to leverage their extensive experience in the medical device sector to advance the catheter system's development efficiently.
This corporate update from Innomed Tech Ltd. is based on a press release statement and provides a glimpse into the company's ongoing efforts to innovate in the medical device space, particularly addressing the prevalent issue of healthcare-associated infections.
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