PediaWorks and Medikit Create PediaCath Inc. to Develop Pediatric Catheters
PediaWorks and Medikit Co., Ltd. announced the formation of PediaCath, Inc., a joint venture to help alleviate the severe shortage of medical devices for use in pediatric patients.
PediaCath will be the first and only company to develop catheters just for children. For decades the lack of financial incentives has hampered the development of pediatric-specific medical devices. As a result physicians are often limited in the therapies they can deliver to children.
"It's critical that our nation's children have access to cutting-edge medical treatment, which is why this new initiative between PediaWorks and Medikit is so important," said U.S. Senator Sherrod Brown. "Too often, medical devices are not made with children in mind. Because of the unique set of circumstances that discourage innovation in pediatric medical research and development, thinking outside the box becomes a necessity. This important new venture does just that. This initiative will help ensure that our children have the right medical devices designed for their growing bodies and further cement Cleveland as a hub for medical research and development."
Medikit is contributing $500,000 cash as seed funding, its experienced team of R&D engineers and rapid prototyping facilities. PediaWorks is providing executive management and access to its broad network of pediatric clinical advisors and research partners. Tim Moran, founder of PediaWorks, will serve as PediaCath's president and CEO. The company will be headquartered in Cleveland, Ohio.
"We are grateful Medikit has the compassion to undertake this venture and feel it will be an ideal model to procure pediatric devices quickly and efficiently," said Tim Moran.
Nobufumi Kurita, CEO of Medikit stated, "Medikit is very pleased to join PediaWorks in such a worthwhile endeavor. By leveraging our advanced design and development capabilities in Japan we hope to improve the health of children worldwide."