CleveX Receives $850,000 in Series B Funding

Columbus-based medical device developer CleveX has received $850,000 -- the second tranche of $1.7 million in Series B funding promised late last year by investors.  The investors divided the funding into two tranches to make sure the company hit certain milestones regarding full commercialization of the ExiClip. 

The ExiClip is a device that allows for single-step excision and closure, without suturing, of skin lesions for biopsy.  The device received FDA clearance in May 2007 and was initially marketed to dermatologists.  Dermatologists were slow to adopt the device and the company quickly shifted its target to primary care, OB/GYN and internal medicine physicians who have more readily adopted the device.  About 800 new users in this category have adopted the ExiClip, which eliminates the need for suturing and reduces the time required for in-office biopsies. 

In late 2009, CleveX signed an exclusive agreement for national distribution with PSS Physician Sales & Service for product distribution.  Since then, 85 percent of the PSS sales force has been trained in the use of the ExiClip.   The second tranche of funding will be dedicated to continued expansion of sales, including to hospitals and international markets.  CleveX is located in the TechColumbus technology business incubator on Kinnear Road in Columbus.

For more information, see the story in MedCity News