Fort Collins, CO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Innosphere Ventures Fund, a Venture Capital firm leading early-stage investments in B2B SaaS, Cleantech, and Medtech enterprises, has announced its pre-seed investment into RedDrop Dx, Inc. RedDrop Dx will be using funds for prototyping and pre-clinical studies.
RedDrop Dx intends to disrupt the blood collection experience and market by providing a novel blood collection device. The device is designed to be pain-free and can be self-operated to collect the amount of blood required for biologically-relevant tests.
The device allows the blood collection process to be done quickly, painlessly, and without a trained professional. The device can be used on the arm or thigh and uses microneedles to reduce real and perceived pain by the patient while optimizing the amount of blood collected. All these features make RedDrop Dx unique and an improvement over current capillary and venous blood draw processes.
“For the nearly one billion blood draws performed in the US annually, the environment looks similar: phlebotomy appointments need to be scheduled, an uncomfortable waiting room experience may be involved, painful venous needle injection, and discomfort during large sample collection. For small sample collection painful finger sticks are currently the only option. Blood draws are done for a variety of tests and include common complete blood count (CBC) panels, during pregnancy, for thyroid disease, anemia, cholesterol monitoring, and diabetes patients – just to name a few,” Said CEO & Co-Founder Kris Buchanan.
“The ability to conduct a blood draw at home or point of care without the need for professional healthcare involvement, could change the collection process and provide a much better experience for patients,” Said Tim Jones, Innosphere Ventures Fund Principal.
“By eliminating the need for traditional phlebotomy and the associated access barriers including its inherent physical pain, RedDrop can make access to medical testing easier, cheaper, and faster, thereby aiding a potential diagnosis or improve one’s overall health. An estimated 30% of diagnostic tests ordered by physicians currently are not completed by patients creating compliance issues. Patients often do not have the time for separate phlebotomy appointments or don’t want to expose themselves to sickness at a doctor’s office or hospital,” Said Buchanan.
For more information on Innosphere Ventures and this investment, contact Tim Jones, Innosphere Ventures Fund Principal, at (970) 818-7738.
For more information on RedDrop DX, contact Kris Buchanan, RedDrop Dx CEO, at (970) 443-8118