Carmel-based FAST BioMedical Inc. has secured $8 million in new financing. The medical technology company says the funding will be used primarily to advance clinical trials, hire additional talent and advance its global patent portfolio.
The company says $5 million of the funding comes from one investor, F&M Investment Office. The remaining $3 million comes in the form of grand funding from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health.
"This financing is an important and validating step to continue our progress," said Joe Muldoon, chief executive officer of FAST BioMedical. "We have already begun adding talent to the team, and are excited about their ability to immediately add value."
The company did not immediately state how many total employees it plans to add. FAST BioMedical says its technologies directly measure blood volume and kidney function in a "clinically viable way" which it says has the potential for a profound impact on congestive heart failure, major surgery, sepsis, critical care and kidney disease patients.
In October, Muldoon was included in a white paper by Indiana Fiscal Policy Institute President John Ketzenberger profiling "critical" players in Indiana’s life sciences sector.