Invictus Medical, Inc., sold $480,000 worth of mezzanine instruments to nine investors. An undisclosed portion of the gross proceeds will be paid toward executives’ salaries. No placement agent was retained as part of the offering. The company has no revenues.
The company is commercializing a cranial support device designed to prevent pressure ulcers and cranial defects, specifically deformational plagiocephaly (DP), in infants. The American Academy of Pediatrics recommended in 1992 that infants be placed on their back while sleeping in order to decrease the risk of sudden infant death syndrome (SIDS). While cases of SIDS went down, cases of DP increased from 5 to 30%. According to a study released in 2010 (Speltz ML, Collett BR, Stott-Miller M, et al. Case-control study of neurodevelopment in deformational plagiocephaly) DP is associated with compromised neurodevelopment in infancy.
The device which won the 2011 Innotech Beta Summit, positions itself as a preventive solution to the current corrective solution (cranial orthotic therapy) for an estimated $500 million US market. It is composed of a thin, low friction and moisture reducing fiber material, which completely encloses a solution-filled durable plastic pack. This plastic pack contains a visco-elastic gel solution of a specific viscosity and volume designed to achieve maximum pressure redistribution throughout the entire surface of the skull. The materials utilized have been proven to be biocompatible and are cleared by the FDA.
The company, formerly known as Invictus Engineering, Inc., is headquartered in San Antonio, TX and is lead by Tom Roberts (CEO), Eric Eisbrenner (CFO), Chris Gilmer (COO), Daniel Mendez (CTO) and Russ Rayburn (VP – Sales). The company was founded in 2011.