Providence, Rhode Island, USA and Perth, Western Australia, 18th November 2024: VeinTech has partnered with the New England Medical Innovation Centre (NEMIC) to commence US market entry. VeinTech will be the first Western Australian company to cross the the biobridge established between Perth Biodesign and NEMIC since an MoU was signed in March 2024 to enable market entry into both US and Australian markets.
Nikhilesh Bappoo PhD, Co-Founder and Co-CEO of VeinTech is pleased to officially announce the partnership and is delighted that Providence and the Greater New England region will be a landing pad as VeinTech gears up for market access in the US.
“Our goal is impact the most common invasive medical procedure on the planet and this partnership with NEMIC will enable us to effectively and efficiently deliver our novel medical technologies to underserved patients in the US market. NEMIC was a no-brainer to call home after our recent second visit to Providence” says Dr Bappoo.
Inserting a peripheral intravenous catheter (PIVC) – or cannula – is one of the most common procedures performed in hospitals, with approximately 1 billion cannulas placed yearly globally. First insertion attempts fail in up to 40% of adults leading to poorer outcomes, poorer healthcare satisfaction, reduced efficiency and increased costs.
VeinTech's Connecticut based Chairman, Mr Peter Traianou comments “Right vein, first time, every time. Simple words but so powerful for those that have experienced a failed cannula insertion. This partnership with NEMIC and the state of Rhode Island will enable VeinTech to accelerate the development of their novel solution to this global problem as well as gain early access to the US market. We are extremely excited about the potential this partnership brings.”
Associate Professor Peter Carr from University of Galway, Ireland and lead clinical advisor at VeinTech also welcomes this partnership. A/Prof Carr is a leading expert in vascular access and infusion therapy.
"The collaboration between Western Australia and the Rhode Island ecosystem, leveraging VeinTech's novel ultrasound technology, will revolutionize peripheral intravenous catheter insertion. Ultimately this will significantly improve patient safety and outcomes while opening new avenues for medical technology advancements worldwide for vascular access and infusion therapy.” says A/Prof Peter Carr.
This partnership will not only disrupt current practices but act as a catalyst for further innovation in vascular access and infusion therapy. VeinTech's novel approach to ultrasound-guided PIVC insertion is just the beginning. This partnership will be further enhanced by VeinTech’s existing European connections through Ireland facilitating cross-Atlantic collaboration and catalyse a surge in related technologies and complementary solutions, whilst enabling rapid commercialization and global adoption. "
About VeinTech:
VeinTech is an Australian MedTech company addressing unmet needs in the most common invasive procedure on the planet. By reducing the high failure rates of IV insertions and subsequent pre-mature IV failure, VeinTech is improving the experience of both healthcare professionals and patients around the world. Their ultrasound-based technologies reimagine visualization techniques to empower clinicians to target the right vein, first time, every time, improving outcomes and efficiency from the beginning of a patient’s care journey, whilst preventing large avoidable complications and costs. The Australian founded team is now expanding to make vascular access safer and more accessible to all, to address a long accepted but truly unacceptable reality.
About NEMIC:
The New England Medical Innovation Center (NEMIC) is a 501(c)(3) nonprofit located in Rhode Island that provides expert education, connections to funding, and specialized expertise to innovators and entrepreneurs in the MedTech and healthcare space. As the region’s premier HealthTech venture hub, NEMIC deploys its unique gap analysis approach, draw on an extensive network of subject matter experts, and facilitate clinical access in order to bridge the valley and turn ideas into reality.
Learn more:
Media Contacts: Nikhilesh Bappoo Ph +61 406 659 568 E nbappoo@veintech.com.au
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