On Monday, equity crowdfunding platform for healthcare, RedCrow, announced MindChild Medical successfully received FDA approval for a non-invasive fetal heart monitor. The RedCrow-backed company, which was founded in 2008, reportedly submitted a 510(k) in 2012 for its MERIDIAN M110 monitor, which is described as a medical marvel measuring and displaying fetal heart rate (FHR), maternal heart rate (MHR), and uterine contractions (UA).
Sharing details about MindChild’s FDA approval, Brian Smith, CEO of RedCrow, stated:
“We are ecstatic MindChild’s fetal heart monitor received FDA approval. It was several years in the making but it’s a massive achievement for MindChild, and for RedCrow. We now have proven ability to facilitate significant governmental approval for groundbreaking products in the medtech and healthcare sectors, paving the way for other featured companies on our platform to reach their full potential,” said . Being involved with MindChild from infancy to present-day is extremely rewarding. I am grateful to have been a small part of their growth and I know that others who have experienced tragedies like my own are equally as proud.”
Bill Edelman, CEO of MindChild explained:
“We are thrilled to have reached this milestone. The MERIDIAN M110 Fetal Monitoring System is the latest in a series of non-invasive fetal monitor technologies developed by MindChild that are intended to provide the healthcare community enhanced monitoring capabilities for both fetal heart rate, maternal heart rate and uterine contraction, with a single set of disposable abdominal surface electrodes. The MERIDIAN M110 has the potential to provide essential fetal monitoring, replacing four separate monitoring technologies now in use world-wide. We anticipate significant clinical interest for this innovative technology in the markets where MERIDIAN will be cleared for commercial distribution.”
Smith then commented:
“We have initially focused on the healthcare and medtech verticals for RedCrow because that’s what we truly care about, and there is so much innovation in this space that deserves attention, and subsequent funding. Our mission at RedCrow is to discover and help investors discover privately held, early stage startups that seek to make a positive social impact. At the end of the day, if we are vetting companies that have the potential to save many lives, like MindChild, we have done our job well.”
The news about MindChild’s FDA approval comes just a couple of months after RedCrow launched its equity crowdfunding platform. RedCrow was founded by Smith, a former Morgan Stanley financial Advisor, and Rock and Roll Hall of Famer and entrepreneur, chairman Jerry Harrison. The new funding portal notably aims to provide exclusive, professional-vetted investment opportunities and campaigns are accessible to accredited investors, with plans to extend the investment opportunities to non-accredited investors in early 2017.