FOR
IMMEDIATE RELEASE
For more
information, please contact:
SCRA
Jill Hirsekorn
Phone 843.760.3329
SCRA’s SC Launch® Affiliate Invests in Lowcountry
Biotech Start-Up Company
Media Invited to Meet the Company Today at 5:30 p.m.,
SCRA Atrium,
Trident Research Center, 5300 International Blvd., N. Charleston
CHARLESTON,
SC – September 16, 2009 – SC Launch, an SCRA affiliate, is recognizing a
Lowcountry entrepreneurial start-up company today. Sabal Medical is receiving a
second, follow-on SC Launch investment of $100,000 based on its recent
achievement of stringent business milestones. Sabal is a medical technology
company that provides patent-pending, automated medication carts and bar code
verification software. The Sabal cart helps nurses and pharmacists provide safe
care by accessing and administering medicines at the bedside.
Bill Park,
Sabal President and CEO said “the funds from SC Launch give us a good bridge to
get to that next round of commercial financing. We’re in a crucial time with our
business where we’ve completed R&D, we have our first few customers and we’re
gearing up to attack the marketplace with our product.” Sabal relocated to South
Carolina from Washington State in 2006 after receiving an initial $200,000
investment from SC Launch. Sabal simultaneously formed a relationship with
Greenville Hospital System, nationally known for its leading edge pharma
technology, where Sabal’s automated medication carts were tested.
“As a landing
party – a company that relocates to South Carolina from elsewhere in the country
– Sabal Medical represents a key program of SC Launch in conjunction with its
partners that attracts companies to South Carolina,” said Bill Mahoney, SCRA
CEO. “Many thanks go also to the Greenville Hospital System, who has been an
integral partner to Sabal’s early success.”
Sabal Medical
was the first SC Launch landing party. The company subsequently obtained
follow-on private capital funding from Nexus Medical Partners, a member of the
SC Venture Capital Investment Authority and a frequent co-investor with SC
Launch, Inc. SC Launch companies have to date secured more than $71 million in
follow-on venture capital and private equity funding with an additional $25-$30
million currently pending.
# # #
About
Sabal Medical
Leveraging
years of experience in health care, automation and information technology, the
leadership at Sabal Medical is driving efficient medication handling and patient
safety to a whole new level.
Sabal Medical’s
aim is to bring nurses and pharmacists together, empowering them with the right
tools to recapture wasted time, streamline key processes in hospital medication
distribution, reduce medication errors and improve patient safety.
About SC
Launch
SC Launch, an
SCRA collaboration, assists entrepreneurial start-up companies with up-front
counseling, seed-funding, and access to a powerful resource network. The SC
Launch mission is to help generate knowledge economy jobs in South Carolina,
enhance the state’s quality of life and provide opportunity for all South
Carolinians in the new economy.
About SCRA
SCRA is a
global leader in applied research and commercialization services with offices in
South Carolina, Ohio and in the Washington, D.C. area. SCRA collaborates to
advance technology, providing technology-based solutions with assured outcomes
to industry, government, and research universities in SC, the US and globally.