Generic Medical Devices, a Gig Harbor, Wash., company that wants to do for medical devices what generic-drug makers did for pharmaceuticals, is seeking up to $10 million in a first institutional round, VentureWire reports (subscription required). The company, which has previously raised $1.5 million from individual investors, hopes to complete the round later this year.
CEO Richard Kuntz founded the company last year after realizing that there are no generic equivalents of medical devices whose patents have expired. The company has received FDA clearance to market a circumcision clamp and a general surgical mesh used to hold tissue together following a hernia repair.