Wednesday 27th of January 2016, the Major Norwegian Business Newspaper "Dagens Næringsliv" featured Luer-Jack alongside with strong recommendations from the clinical side in a two-page article.
The following (part extract) is a translation of the newspaper article:
"Luer-Jack" is a new type of syringe, which is designed to prevent medical personnel from direct contact with the needle and contamination of the syringe tip, thereby enhancing safety and sterility in various medical procedures.
ConceptoMed from Lofoten recently raised NOK 89 Million in a share issue, whereof 25.5 million from its existing investors.
Entrepreneur and physician Christian Mide got the idea for the syringe and founded the company in March 2012. Four years later, the Board of Directors value the company at a market value of NOK 426 million.
- The idea came during a knee draining procedure. Since the needle hub was tightly connected to the tip, I needed a disconnection mechanism to avoid touching the hub ant syringe tip before injecting a drug into the knee. This is a very strictly sterile procedure. With "Luer-Jack", the procedure could easily and safely be performed alone, with usage of little resources, says Mide.
An advantage of the syringe is that it enables the healthcare worker to release the needle after use, making it possible to carry out the entire procedure with one hand.
Four years after founding the company, the Luer-Jack is launched in Europe and other markets.
The company has already obtained the CE mark, allowing for marketing and sales in Europe. Distribution agreements have been signed in 11 countries in Europe and the Middle East, including Norway, the UK and Ireland. Production is established and ConceptoMed have already started the sales. The equity will support production and global market introduction of the products.
- We have the four elements that create value: Customer Needs, patent, production and European approval. The capital raised will support the growth of Luer-Jack into the market.
Thrilled nurses and doctors
Project manager Karl Øyri at the section for method development and industrial collaboration at the Intervention Centre, Oslo University, last year conducted a major assessment of the Luer-Jack syringe.
IMAGE: Project manager Karl Øyri at OUS showcases a conventional syringe (left) vs. a "Luer-Jack." Photo: Aleksander Nordahl
- We conducted focus interviews with consumer groups in the hospital. Everyone was very excited about the product. Those who work with often use syringes up to twenty times daily - under stress, and situations where needlestick injuries often occur. It is also very difficult to avoid contamination, ie contamination with infectious agents, particularly if you are using a syringe repeatedly on several hubs/connections. Theses challenges are properly addressed with the Luer-Jack, says Øyri.
Øyri's group concluded that Luer-Jack-technology will halve the probability of contaminating a syringe and needleless connectors, while the safety of health workers is strengthened "considerably".
Marketing Director Jan Arne Jakobsen points out that almost 35 billion syringes are sold worldwide each year.
Mide says he quickly realized that he needed expertise to make the company grow and reach milestones.
Before this equity round of 89 MNOK, ConceptoMed has collected in excess of NOK 27 million in private placements, from investors who strongly believe in the product concept. Strong focus on IPR and current patent grants have reduced investment risks.