HEALTH CARE : Luther Medical Gets Cash Boost From Dutch Investors
Luther Medical Products Inc., the Tustin-based inventor of the so-called “stickless catheter,” received an infusion of cash recently.
The company said that Quintillion B.V., a Dutch investment group, has exercised an option to buy 300,000 shares of Luther Medical common stock for $735,000, said Luther Medical spokeswoman Rivian Bell.
Quintillion now has an 11% stake in the catheter maker. The company made a name for itself in the catheter field when founder and chairman Ron Luther invented the stickless catheter, which is safer than conventional catheters because it prevents health workers from receiving sometimes contagious needle pricks.
The cash will be used in research and development of new catheters, Bell said. The company, for instance, is studying new plastics and other materials that would allow catheters to remain in the human body for longer periods of time without infection or irritation.
“There are some exciting, dramatic new things the company is doing,” Bell said. “Ron Luther is a pioneer of using new materials.”
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