One in five people experience distress during needle-related medical procedures. And some people even avoid medical treatment because of needle phobia. NeedleCalm’s mission is to find a solution for this anguish.
Change by accident
Clinical Nurse Specialist Lauren Barber founded NeedleCalm in 2016. Lauren knew how distressing needle-related procedures can be for some patients. But the trauma became personal when Lauren suffered a serious needlestick injury at work. While recuperating, Lauren realised she could create a medical device to transform the lives of needle-phobic patients.
Making the financial case
NeedleCalm had patents secured and investor capital lined up to scale manufacturing ahead of the product launch when an investor suddenly pulled out just before the COVID-19 pandemic. Lauren was referred to Radium Capital and discovered NeedleCalm had eligible R&D expenditure from previous financial periods. Using Radium Advances, she accessed her R&D refund early and solved her cash flow issues. NeedleCalm then completed a successful equity crowdfunding round.
NeedleCalm Founder and Managing Director Lauren Barber explains, “When you use R&D finance, investors look at it favourably and realise that you’re being quite smart with your money and not just giving away equity.”
The NeedleCalm team used the extra capital to finesse production and build the economic case for healthcare practitioners to use the NeedleCalm device, before launching the product in March 2021. Today, NeedleCalm is building on its export sales in New Zealand and will launch in the US and UK in the coming months. The company also has three new products in the pipeline that focus on patient engagement and paediatric care.
Download the case study to discover more about NeedleCalm and how this MedTech innovation is life-changing for needle phobia sufferers.
For the latest updates on NeedleCalm, visit the NeedleCalm website.