University of Michigan startup Tangent Medical Technologies lands $4.5 million in venture capital
Angela J. Cesere | AnnArbor.com
The financing comes a few months after the company hired Ann Arbor entrepreneur Jeff Williams to serve as its chairman and CEO. Williams previously served as CEO of Pittsfield Township-based HandyLab and Scio Township-based Accuri Cytometers, which was also funded by Arboretum and Flagship.
Williams, who is also serving as CEO of Ann Arbor-based U-M startup Life Magnetics, said in a statement that the new funding would help Tangent Medical complete regulatory filings and get its product onto the market.
Tangent has developed an proprietary device called NovaCath, which would replace traditional intravenous (IV) drug delivery systems in hospitals.
The company was the first startup to spin out of U-M's Medical Innovation Center, which allows multidisciplinary post-doctoral researchers to collaborate to develop new technologies that can be commercialized.
Founders Adrienne Harris, Elyse Kemmerer and Steven White will stay with the company.
Arboretum Ventures managing partner Tim Petersen and Flagship Ventures partner Harry Wilcox will join Tangent Medical's board as a result of the investment.