First Deal of 2014: FAST BioMedical
VisionTech Angels has made good on our promise to invest in Indiana startup companies. Our first deal of 2014 is an investment in Indianapolis-based FAST BioMedical, a company that is gaining significant traction in the medical technology sector. All four chapters of VisionTech Angels—Bloomington, Indianapolis, Lafayette and Warsaw—participated in the follow-on investment deal in FAST Biomedical. We originally invested in FAST BioMedical in 2011.
FAST BioMedical was co-founded by Dr. Bruce Molitoris, a professor of Medicine at the Indiana School of Medicine, and Jim Strickland, an Indiana University graduate. The company has developed a patented technology that provides an accurate and sensitive measurement of plasma volume and kidney function and will help clinicians improve outcomes for millions of Intensive Care Unit patients, including those undergoing major surgery and patients with acute kidney injury, chronic kidney disease and sepsis.
FAST BioMedical’s momentum was the driver behind our investment. Their technology has the potential to satisfy an unmet $1.5 billion need in the initial European and U.S. intensive care markets alone. The company recently received a $1 million grant from the National Institutes of Health (NIH) to fund an ongoing U.S. Phase II clinical study using FAST BioMedical’s technology. We believe this puts them a giant step closer to commercialization. It’s important to not that the commercialization path for medical innovations is lengthy, requiring patience and capital from investors.
This was VisionTech Angels’ first deal of 2014, but it won’t be the last. We recently signed an agreement with The Purdue Foundry to support Purdue entrepreneurial activities and keep our eye on promising startups.