Medical device developer Access Vascular has raised $3.7 million to support its HydroPICC catheter designed to reduce thrombotic risk.

The HydroPICC is a peripherally inserted central catheter which the Bedford, Mass.-based company claims can significantly reduce the accumulation of platelets and the risk of thrombosis.

Financing will support the submission of an FDA 510(k) application for the company’s HydroPICC device later this year, the company said.

Access Vascular President and CEO James Biggins praised the support and engagement of investors.

“This latest round of funding comes at a critical and exciting time for Access Vascular,” Biggins said. “We have added several talented engineers to the team as we advance our pipeline development and prepare for our first 510(k) submission to FDA later this year.”

Money in the round came from both individual investors and the investment platform AngelMD, Biggins said.

AngelMD Access Vascular syndicate co-lead Arun Jagannathan, MD,  said the firm was impressed with the expertise and dedication of the team, as well as Access Vascular’s novel approach to addressing a critical unmet need in venous access.

“By leveraging its bulk hydrophilic biomaterial, Access Vascular’s devices have the potential to eliminate thrombosis and the cascade of complications that arise with the currently available devices,” Dr Jagannathan said.

READ MORE: accessvascularinc.com/