NASHVILLE — Dr. Ricardo Vasquez of the Vascular Center and Vein Clinic in Bloomington has teamed up with Wave Therapeutics, a division of woman-owned Bussert Medical, Inc. out of Nashville, Ind., to tackle the deadly and costly problem of bed sores – a medical challenge that strikes patients needing long-term care and creates tremendous liability for facilities that provide that care.
Vasquez, a vascular surgeon, has joined the company as the start-up’s chief medical officer, and will become a 15-percent equity-share partner in the business.
To date, Wave Therapeutics has received $500,000 from investors to further develop the dual-technology, break-through device that’s expected to far outperform the current best-in-class product on the market – which retails at more than $4,000.
“Wave Therapeutics has developed a real solution that has previously eluded the healthcare community,” said Vasquez. “By providing the best-in-class solution at a price point that is substantially less than competitive products, we expect to deliver significantly better outcomes to patients while also improving the bottom line for our nation’s healthcare providers. ”
And bringing a better option to the market is of life-or-death urgency, says Jessica Bussert who invented the device and founded Wave Therapeutics after treating a wheel-chair bound military veteran who couldn’t afford an effective solution to prevent pressure ulcers.
“After that experience, I knew I had to do something,” said Bussert, who brings medical, engineering and technology expertise to the venture. “More than 60,000 people die in the United States each year from bed sores, which costs the U.S. healthcare industry more than $10 billion each year.”
Bussert’s invention is patent-pending and has application in the medical, consumer and military markets, and has captured the attention of the U.S. Veterans Health Administration and the U.S. Department of Defense. The VHA has authorized two studies using the technology in VA hospitals across the nation.
Bussert Medical, Inc., has been valued at $3.3 million already – a significant valuation given the device is yet to complete market testing.