PSI Medical Thrives Following Win of BFTP Business Plan Contest
In May 2009, PSI Medical edged out 100 other competitors to win the Ben Franklin Technology Partners Big Idea Business Plan Contest. Today, they are moving forward with their business plan and breaking into the medical device field.
The company, founded by medical professionals, has worked for the past two years on developing solutions that make the care of intravenous catheters easier and safer in order to fight infection.
PSI Medical began as an idea shared by Meadville anesthesiologist Anthony Colantonio and veterinarian Menno Jager to combat the problem of catheter-related infections that claim more than 30,000 lives a year.
“We are positioned to be the first company to enter that marketplace with a total solution for disinfecting of the IV and the catheter tubing,” says Chris Cuzzola, PSI Medical’s general manager.
PSI Medical has recently moved to Gannon University’s Erie Technology Incubator and has raised more than $1 million from angel investors, according to Cuzzola. The company is committed to building its products in northwestern Pennsylvania, drawing on local expertise in plastics, tool and die and mold making.
“Because of what Ben Franklin Technology Partners does—investing in tech-based startups—we see and review hundreds of business plans every year,” says Elizabeth Wilson, director of marketing for Ben Franklin Technology Partners/Central and Northern Pennsylvania. “When we read theirs and heard them make their first presentation, we knew they were onto something big.”
Tags: BFTP awards, medical technology, filed under Central & Northern PA, Client & Alumni News, News