$3M to fuel Wright Therapy Products' growth
Wright Therapy Products is “a startup with a history,” said CEO Michael Hinson.
The company was founded in the 1980s, but only in the last year have its sales exploded like a fast-growing startup.
“It's been in the last few years that the vision has changed to really grow the company and take it nationally,” said Hinson, who was hired in August 2011 to lead Wright's growth. He declined to give revenue figures.
To expand sales, the Oakdale-based medical device company has sought new capital from outside investors, including a recent $3 million infusion from Eagle Ventures Inc., a Shadyside venture capital firm that raises money for Western Pennsylvania companies from local “angel” investors.
“It's a great deal disguised as a good one,” Eagle Ventures' President Mel Pirchesky said of Wright. “They've been around for 20 years, but they've developed a real competitive advantage today.”
Pirchesky noted that with the investment in Wright, Eagle Ventures has invested more than $90 million in local companies.
The investment from Eagle Ventures brings Wright's total fundraising to about $5.5 million, Hinson said. The money is being used to expand the company's sales force across the country and to develop products.
Wright makes a pneumatic compression device that's used to treat people who have trouble draining fluid from their arms and legs or have poor circulation in their extremities. Sales are expected to be up 70 percent this year compared with 2011, Hinson said.
“The market is very large, and it's growing,” said Hinson, who came to Wright from Medrad, where he was a radiology executive. Marshall-based Medrad is a medical imaging company and subsidiary of Bayer Corp. in Robinson.
The compression device, which is similar to a large blood-pressure cuff, primarily is used to treat two conditions: lymphedema and venous insufficiency. Lymphedema, the collecting of fluid in the extremities, typically develops after people have received radiation treatment for cancer and is experienced by about 3 million to 5 million Americans, Hinson said.
Venous insufficiency, the inability of the body to circulate blood to the lower extremities, occurs primarily among the elderly, and there are an estimated 2 million Americans with the condition, Hinson said.
The company, which employs about 40 people, manufactures its devices in Oakdale and is developing products that may come to market in the next 18 months, Hinson said.
Hinson declined to discuss products under development but expects them to continue to drive growth. “They'll change the way we're able to treat patients.”
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or email@example.com.
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Alcoa opens Indiana plant to make light-weight alloys for aircraft
- Consol Energy cutting retiree health benefits, phasing out pension
- Highmark to increase premiums, limit access to health care in new plans
- Oil, gas industry boom leads to expansion of laws in Pennsylvania
- Roundup: Pittsburgh Corning plan confirmed; II-VI reorganizes segments; more
- Bond experts fear inevitable sell-off
- Canadian company wins bid for casino
- Coca-Cola shaves incentives for executives
- Google Pittsburgh instrumental in fight against hackers, co-directors say
- Hospitals, doctors in Pa. received $32M in 5 months from drug, medical device companies
- Truck deals give auto sales a lift