ControlRad has completed $15 million in financing and has added Ryan Drant and Tim Patrick have to its board of directors. The Series B round, which was led by Questa Capital, will be used for fuelling the commercial launch of the innovative ControlRad Trace system. A press release reports that ControlRad Trace is the first FDA-cleared technology that can be integrated into existing mobile C-arms to reduce radiation in any fluoroscopically guided procedures (FGP). It adds that the system reduces radiation exposure by up to 89%, protecting patients and medical staff without compromising image quality or workflow.
Drant has served on the boards of more than 30 private companies, including Epix Therapeutics, Cartiva, NeoTract, Radiology Partners, DSI Renal, Ulthera, Acclarent, Proxima Therapeutics and FoxHollow Technologies. He also serves on the board of the Medical Device Manufacturers Association (MDMA) and the National Venture Capital Association (NVCA) and is a four-time nominee to the Forbes Midas List of top venture capital investors. Prior to founding Questa Capital, Drant was a partner at New Enterprise Associates; worked in the corporate finance group at Alex. Brown & Sons and was a consultant at Arthur Andersen & Co.
“The opportunity to invest in ControlRad highlights our commitment to funding and supporting technologies that will have an immediate impact on the health and wellness of patients and medical staff. Guillaume and the team have made enormous progress recently with regulatory clearance and initial clinical use. We look forward to the growth of this company and to a time when every hospital will have the opportunity to reduce radiation exposure and its potential debilitating effects, such as cataracts, cancer and stroke,” Drant, who is the founder and principal of Questa Capital, comments.
Patrick brings more than 30 years of successful leadership experience in general management and product commercialisation in the medical device industry. Most recently, Patrick served as president, CEO and co-founder of Cartiva, which was acquired by Wright Medical. Prior to founding Cartiva, Patrick served as president and CEO of Proxima Therapeutics and president of Gesco International.
Guillaume Bailliard, ControlRad CEO: “The investment from Questa Capital and the additions of Ryan and Tim to the board will be invaluable as we begin the launch of ControlRad Trace and build out our commercial organisation. Both have proven track records of launching innovative technologies and building great teams.”