MedPassage, Inc. successfully placed $350,000 worth of convertible promissory notes with sixteen investors. No placement agent was hired in conjunction with the offering. No further terms related to the debt were disclosed.
MedPassage is an e-commerce platform designed to bring transparency to the medical device market. It aims at simplifying procurement and lowers cost for buyers. Buyers pay no fees or commissions and can purchase devices at 40-70 percent below industry average prices, according to MedPassage. Sellers, for a 5% commission, have access to a highly scalable sales and marketing platform.
The company is headquartered in Denver, CO. It was founded in January 2012 by Gavin Fabian and Michael “Mike” Biselli. The team includes: Prasad V. Lakshminarayanan (CTO) and Gregg Klang (Business development).