This article was originally published in The Gray Sheet
Reprocessor of disposable medical devices raises $8 mil. in second round of financing, increasing to $16.5 mil. the amount the firm has raised in the past 12 months to support ongoing activities and growth. Coral Ventures, Delphi Ventures, Valley Ventures, and Patricof & Co. Ventures participated in the financing. With the Aug. 2 release of FDA's guidance on single-use device reuse, "we believe that the company will become the undisputed leader in an industry poised for dramatic growth," Patricof Managing Director Janet Effland comments. The guidance "will lead to a tremendous surge in demand for reprocessing by third-party reprocessors that can meet the new requirements" (1"The Gray Sheet" Aug. 7, 2000, p. 5). Alliance CEO Rick Ferreira commented that the financing strengthens the Phoenix-based company's "ability to respond to the expensive, labor intensive pre-market requirements the FDA recently mandated for all organizations that reprocess medical devices"
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