A medical device company has another dose of fresh capital.
Golden-based PharmaJet, which makes syringes that don’t use a needle, has raised another $2.3 million since it last filed SEC documents in June.
The 10-year-old company has raised $6 million since this summer. It has raised about $50 million to date and expects to be profitable in the next six to 18 months, CFO Jeff Jordan said.
PharmaJet injectors received FDA approval to be used for the flu vaccine in August 2014. Last year, the devices were available in 32 states, including Colorado.
Jordan said the company decided to boost its target to $6.7 million – initially, it was only seeking $5 million – after positive response from customers.
“We’re just capitalizing on some success we’ve had in the market,” Jordan said. “Our focus is to commercialize our successes.”
Jordan said the company expects to raise the full $6.7 million by the end of this month.
PharmaJet sells its devices to pharmacy chains, college health centers and companies that come to workplaces to offer employees flu shots.
But that could change. PharmaJet would like to start selling the injectors and syringes to pharmaceutical companies that make vaccines, Jordan said, who could then prefill the syringe and sell it to pharmacies and other end users.
PharmaJet’s plastic reusable injector shoots a vaccine in a narrow stream that punctures skin in one-tenth of a second, Jordan explained.
It’s a system the company says prevents cross-contamination from reusing needles and reduces the number of needles tossed in the garbage each year.
Another goal is to reach patients that might otherwise avoid vaccinations and to shield health care workers from blood-borne diseases they may contract from accidental needle pricks.
The company has 20 employees in Golden and a few sales personnel out of state. Wisconsin-based manufacturer Philips Medical Supplies makes the injectors and syringes.