BALTIMORE, MD (August 18, 2015) –
GraftWorx, a medical device development company in Bel Air, has received a $500,000 investment through the
Maryland Venture Fund. The company is developing an innovative approach to treat Peripheral Artery Disease (PAD) that could reduce the need for expensive, repeated and invasive surgeries.
“GraftWorx is turning the Internet of Things into the Internet of the Body by enabling current vascular prostheses such as stents and bypass grafts to become ‘smart.’ Our first product alone could save 40,000 amputations in the U.S. each year,” said David Kuraguntla, GraftWorx founder and CEO. “This financing will allow us to complete our pre-clinical trials and grow our team, including the addition of Lilip Lau, an accomplished medical device engineer and serial inventor.”
Kuraguntla added that Lilip Lau invented Guidant’s Multi-Link stent design, which became the foundation of the Abbott stent franchise. Virtually all coronary stents sold in the U.S. today can trace their heritage to the ‘Lau’ patents.
PAD affects approximately 8 million people in the United States, according to the
Centers for Disease Control and Prevention. In those afflicted, plaque accumulates on artery walls and restricts blood flow. In advanced cases, vascular surgeons use implantable prosthetic grafts or stents to bypass the blockage and restore normal blood flow. While this treatment is often effective in the short term, there is a high risk that the graft or stent itself will become blocked, which can lead to expensive, debilitating outcomes – including amputation of the leg. To solve this problem, GraftWorx is creating a series of “smart” vascular prosthetics with a built in sensor that can accurately measure blood flow through the prosthetic. The sensor will connect to a smartphone and automatically alert the vascular surgeon of impending blockage. Through early intervention, the catastrophic results of undetected prosthetic failure can be averted.
“We are proud to make this investment in GraftWorx and look forward to their growth and success here in Maryland,” DBED Secretary Mike Gill said. “Small, innovative companies like GraftWorx are critical to Maryland’s economy. They are the future leaders of our business community and their technology has the power to improve and save lives for potentially millions of Americans.”
The Maryland Venture Fund is a regionally recognized leader in seed and early-stage investing and a national model for state-supported investment programs. With nearly two decades of experience and numerous successful investments, MVF invests in highly innovative technology companies across the full range of industry sectors including software, communications, cybersecurity and life sciences companies in the areas of healthcare IT, medical devices and diagnostics.
About DBED
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit
www.choosemaryland.org.
