Tactile Systems Technology raises more than $10 million in a Series B round it plans to use to add to its line of medical devices to treat lymphedema, or fluid retention.
Tactile Systems Technology said it reeled in a $10.4 million Series B round led by Radius Ventures, with the proceeds to go toward acquiring "a leading new product" and patents for treating lymphedema, or fluid retention.
"With the new technologies, Tactile Systems will be able to update its solutions and also expand into at-home treatments for patients with other vascular diseases. The acquired technology has 510(k) market clearance and an assigned Medicare reimbursement code," according to a press release.
"This financing will help us advance standard of care in treating chronic diseases at home by providing growth capital for products and technologies in the lymphedema and chronic wound areas to augment our existing line, including the Flexitouch system," CEO Jerry Mattys said in prepared remarks. "These new technologies will allow us to strengthen our core business, fill gaps in our current markets and gain access to new markets."