Sabal Medical Inc., a privately held company on Daniel Island, has closed on the second portion of its previously announced institutional investment financing. The investment is led by Nexus Medical Partners of Quincy, Mass., and its German affiliate, Medicis Nexus Partners GmbH of Munich.
The company’s products help hospitals deliver medications to patients more safely and efficiently, including a medicine cabinet that helps secure and track medications using bar codes. The company also makes a software product for medical facilities that already have a medication dispensing system.
“We closed on this tranche as a result of reaching key customer milestones,” said Bill Park, president and CEO of Sabal Medical. “With our sales pipeline growing, we have some very exciting times ahead of us, and the additional funds will allow us to continue our commercialization efforts already under way and scale up as sales growth continues.”
The company, founded in 2006, said it will use some of the additional money to expand its production and support operations in the Charleston area. It will also add key staff to critical functional areas as product demand continues to increase.
One of Sabal’s financial backers, Nexus Medical Partners, is a private equity company with an office in Charleston.