LGB & Co. Limited has acted as placing agent for the issuance of two and three year notes that have enabled Interrad Medical Inc. to raise $5.6 million. The company is well positioned to make subcutaneous securement of catheters the global standard of care in 2023.
Interrad has developed the SecurAcath Subcutaneous Catheter Securement System (www.securacath.com). This simple, yet revolutionary device, makes it possible to hold virtually any catheter securely in place without sutures or adhesives. The device improves patient outcomes and healthcare costs by reducing incidents of dislodgement and infection. Although based in Minneapolis, the company first achieved commercial success with NICE Guidance and the adoption of SecurAcath by NHS England in 2016.
The fundraising followed steady business progress during 2022. In particular, Interrad entered into a US distribution partnership with Eloquest Healthcare and signed a contract with Vizient, which provides central procurement services to more than 50% of US hospitals. SecurAcath is now being marketed alongside Eloquest’s complementary products by its sales team of 25. Previously, Interrad had a team of only three people working with hospitals in the US. In addition to marketing, Eloquest is handling the organisation of evaluations and adoptions, which are resource-intensive. Interrad has responsibility for fulfilment and invoicing, thus retaining its relationships with hospitals. In addition, a number of new distribution agreements have been signed outside the US. SecurAcath will shortly be offered in Brazil, which is a market of great potential.
The company’s proposition to healthcare providers and patients is underpinned by more than 25 third-party clinical studies. In October 2022 the Journal of the Association for Vascular Access published a paper by Bell, et al. called a Systematic Review of the Safety and Efficacy of Central Venous Access Device (CVAD) Securement. Researchers reviewed reviewed more than 8,000 published studies to examine safety and efficacy outcomes related to CVAD securement. In the studies with good comparative data on rates of catheter migration and dislodgement, researchers found clear benefits for the SecurAcath. The median incidence of migration and dislodgement of SecurAcath was just 1.76%, compared to 6.77% for suture-based systems, and 9.69% for adhesive securement devices.
In addition, a presentation was made at the World Congress on Vascular Access (WoCoVA) in Athens also in October. The presentation was entitled: A Decade of Security by McCormick, et al. from the Clatterbridge Cancer Centre, NHS Trust in Liverpool. Data on patients with SecurAcath and an adhesive device and removal data were collected from 2009 to 2020. The research covered 9,257 patients and a total of 1,251,613 catheter days. The probability of reaching the end of need for one peripherally inserted catheter for patients with an adhesive securement device was only 68% at two years compared to over 95% for patients with SecurAcath. Moreover, migration and dislodgement causing premature removal of the catheter occurred at a rate of 12% for catheters secured with an adhesive device compared with 0.4% for those with SecurAcath.
The company is engaging with strategic counterparties in the vascular access sector with a view to achieving a liquidity event for current investors and making subcutaneous securement available to healthcare providers worldwide. Interrad’s patent portfolio provides exclusive rights to the subcutaneous securement of a catheter or tube in a medical setting and so a strategic partner could extend the concept well beyond the current SecurAcath product range.
LGB & Co. Limited
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Relationship Manager
Ellana joined LGB in March 2024 as a Relationship Manager for our investing clients. Prior to LGB, Ellana worked at Bellecapital, handling client relationships and supporting the portfolio management team. Ellana graduated with a First-Class in Mathematics from Cardiff University and has a Level 4 Investment Advice Diploma.
Adviser
Simon became an Advisor to the Board of LGB & Co. with a focus on business strategy and initiatives in March 2024. Simon has extensive experience debt capital markets and wealth management. He previously ran the client and then the investment business of Heartwood and became Chief Executive in 2008. He led its well-regarded acquisition by Handelsbanken in 2013. Simon subsequently became NED and Chair of AIM-listed WH Ireland Group PLC. He was also asked to represent the wealth management sector on the FCA Smaller Business Practitioner Panel from 2013-2016.
Finance Manager
Following a degree reading Chemistry at The Queen’s College, Oxford, Antonia trained to become a chartered accountant at a London-based audit firm. She then moved into the tax sector joining EY and completing the chartered tax adviser qualification. She then gained further experience working as a finance director within industry at a family office / hedge fund.
Founder and Chairman
Andrew founded LGB & Co. in 2005 and is the Chairman of the company. He has a particular focus on the development of strategic relationships with corporate clients and business partners. Prior to founding LGB & Co., Andrew was a Managing Director at Citigroup Global Markets, where he was responsible for its fixed-income business with private banks and retail institutions. Earlier in his career Andrew worked at Schroders in London and Tokyo. Andrew graduated from Oxford University with a degree in Modern History. He is a chartered member of the Chartered Institute for Securities & Investment.
Capital Markets Director
Fergus advises corporate clients looking to raise debt and equity capital. He is also responsible for the execution and ongoing management of LGB’s MTN Programmes. Fergus joined LGB in 2019 having started his career at Lloyds Banking Group on the graduate training programme, before moving to the Leveraged Finance division, where he focused on transactions with mid-market corporates and PE firms. Fergus holds an MSc in Petroleum Geology from the University of Aberdeen.
Adviser
Lisa has worked with LGB since 2015 in supporting the on-going cultural and organisational development of the firm, providing advice on strategic people matters. Since 2006, Lisa has been running her own consultancy and executive coaching business, People Possibilities Ltd. Her work is focused on supporting clients at an organisational, team and individual level to enable high performance,improve leadership capability and effect cultural and behavioural change. Previously Lisa has held senior HR leadership positions with Schroders, ABN AMRO and HSBC. Lisa graduated from the University of Birmingham with an honours degree in International Relations & French. She is a Fellow of the Chartered Institute of Personnel and Development (CIPD) and a qualified Executive Coach.
Adviser
Charles has played an important role in developing LGB & Co.’s investment approach by encouraging a focus on investing in businesses with strong IP or know-how with recurring revenue business models that can prosper throughout economic cycles. Charles brings over 30 years’ experience of investing in privately-owned and publicly-listed small and mid-market companies. He is a director of Larpent Newton & Co. and Hygea VCT plc. Charles qualified as a Chartered Accountant at Peat Marwick, now part of KPMG.
Programme size: £25m
Establishment Date: XX 2017
Number of issues: 20
Sector: Financial services
Focus: Loans and leasing
Programme size: £20m
Establishment Date: December 2017
Number of issues: 12
Sector: Marine tracking
Focus: Maritime surveillance and management
Associate
Ben joined LGB in October 2022 as an associate after spending three years as a credit analyst at 9fin, where he produced research on corporates in the European & US High Yield and distressed debt markets.Ben holds an MSc in Investment Management from Bayes Business School (formerly Cass) and is a CFA charter holder.
CEO
Cedric was appointed CEO in July 2022 after a period of 18 months as a COO. Cedric spent 15 years working on the energy and commodities sales and trading desks for global banks (BNP Paribas, BAML and MUFG). He gained extensive international exposure, being based in London and Singapore and covering transactions in all geographic regions. Cedric graduated from Global Executive MBA at INSEAD in 2018 and started working in the capital markets space for growth-stage companies. He is also a director of LGB.
Relationship Manager
Megan joined LGB in January 2021 as a Relationship Manager. She is responsible for all day-to-day transactions with investment clients and oversees the LGB Investments Platform and Deal Hub. Prior to LGB, Megan worked at Puma Investments, a tax-efficient investment provider, in the sales and investor services team. Megan graduated from the University of Bath with a Bachelor of Science degree in Psychology. Megan obtained the CISI Level 4 Diploma in Investment Advice in October 2021.
Investment Director
Ivan is LGB’s Investment Director: he is responsible for developing LGB’s investment proposition in the context of the broader market and economic developments. He regularly meets individual company management teams to seek out and monitor investment opportunities. Ivan has served as a senior adviser to the Equity Division of Société Générale, and was previously Managing Director in charge of equity sales for them in London. Earlier in his career, Ivan worked at Morgan Stanley, Lazards and Schroders. He has degrees in history from Cambridge University & London University, and an MBA from Cass Business School.
Managing Director
Simone is responsible for LGB & Co.’s business with investing clients, who include institutional investors, wealth managers and sophisticated private investors. Simone’s team provides access to a range of compelling investment opportunities with a particular emphasis on proprietary medium term note and equity transactions. Simone manages the portfolios of clients who have entered into advisory or discretionary investment agreements with LGB Investments, and advises the fund managers of the Guernsey-based LGB SME Fund. Prior to joining LGB & Co., Simone worked in the institutional fixed income department of Citigroup Global Markets. She began her career at Citigroup Private Bank in Geneva. Simone graduated from the University of Lausanne with a degree in HEC, Business Administration. She is a Chartered Member of the Chartered Institute for Securities & Investments.