Since 2007, Thermedx, LLC has added 15 new jobs in Ohio and is hoping to double that number in the next few years.
So far, the success of its first product has it going in the right direction.
The Solon-based comapny develops medical devices used by hospitals and surgery centers for fluid management and patient warming. Thermedx' first product, a surgical irrigation fluid management system, has applications in gynecology, urology and general surgery.
Called "the 375," the device combines five functions into one device. The fluid-warming function helps surgical patients maintain normal body temperature of 37°C, which is targeted by Medicare's Surgical Care Improvement Project. Launched in January, Thermedx is now phasing into national expansion.
"The patent pending 375 is the only FDA 510(k) cleared fluid management device capable of fluid pressure or flow control, on-demand fluid warming, and fluid deficit monitoring," says Executive VP Michael Haritakis.
Since 2007, Thermedx has added 15 new jobs, completed product engineering and development of its first product, obtained FDA approval, raised about $5.2 million in equity and $2 million in debt, including $1.275 million from the Ohio Department of Development Innovation Fund.
"We appreciate the financial support provided by the State of Ohio's Technology Investment Tax Credit Program and Ohio Innovation Fund Loan Program, and we hope to receive a Third Frontier biomedical grant, which would help us to add jobs," says Haritakis.
By 2013, Thermedx plans to add about 30 jobs in engineering, sales, marketing and manufacturing.
Royal Pains on the USA Network, Greys Anatomy and Private Practice have expressed an interest in showcasing the company's 37-5 Fluid Management System.
Source: Michael Haritakis; Exec. VP, Thermedx, LLC
Writer: Patrick G. Mahoney