KitoTech Medical Secures $1.5M Convertible Note Financing to Advance microMend Skin Closure Device

On November 26, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Seattle-based medical device startup KitoTech Medical (“KitoTech”) announced the completion of a $1.5 million convertible note financing round. The investors in this round were not disclosed.

It is reported that KitoTech will use the funds from this financing round to continue developing its microMend Skin Closure Device, which is poised to become an alternative therapy for suturing minor wounds.

Headquartered in Seattle, Washington, KitoTech is a medical device and biotechnology company. The company primarily develops wound closure devices, and its products are currently adopted by urgent care clinics, schools, sports organizations, and the military. Ron Berenson, CEO of KitoTech, has 25 years of experience in the biotechnology and medical device industries. He led the team in designing and developing microMend, a novel wound closure device. microMend is an FDA-listed Class I medical device and is commercially available in the United States.

microMend is a painless and easy-to-use device, similar in appearance to a bandage, with arrays of two “micro-staples” at each end. The device spans both sides of the wound, allowing the micro-staples to penetrate the skin and close the wound. The micro-staples provide structural strength and ensure secure anchoring to the skin. These features make microMend an ideal alternative therapy for suturing small wounds.

Suturing is a conventional method for closing surgical wounds, but it requires surgeons to possess specific technical skills and clinical experience, and the procedure can cause pain to patients. In contrast, microMend undoubtedly offers a transformative approach to wound healing.

microMend offers numerous benefits to patients. First, it is soft enough to conform well to the patient’s skin, without interfering with daily activities or exercise. Second, the device has a tensile strength similar to that of bandages, allowing it to remain in place until the wound heals. Furthermore, the spacing between each micro-staple is only 2 mm, ensuring continuous and even distribution of tension, reducing the risk of infection, and providing an effective barrier for wound healing. Clinical studies have shown that microMend outperforms sutures in promoting wound healing, increasing the healing rate by two to three times and significantly reducing medical costs.

Currently, microMend is widely used in dermatology, emergency medicine, and various surgical fields, with a global potential market for such devices exceeding $2 billion. In addition, KitoTech is developing other products, such as wound dressings and artificial skin, to improve clinical outcomes in wound healing and dermatological conditions. Ron Berenson believes that its micro-staple technology can be applied to medical devices and equipment such as colostomy bags, surgical drains, and glucose monitors, providing patients with more convenient treatment options.

(Compiled by Xu Xiaoxue)