SCLaunch makes $100K follow-on investment in Sabal Medical

Sabal Medical is receiving a second, follow-on SC Launch investment of $100,000 based on its recent achievement of stringent business milestones.

Sabal is a medical technology company that provides patent-pending, automated medication carts and bar code verification software. The Sabal cart helps nurses and pharmacists provide safe care by accessing and administering medicines at the bedside.

Bill Park, Sabal President and CEO said “the funds from SC Launch give us a good bridge to get to that next round of commercial financing. We’re in a crucial time with our business where we’ve completed R&D, we have our first few customers and we’re gearing up to attack the marketplace with our product.”

Sabal relocated to South Carolina from Washington State in 2006 after receiving an initial $200,000 investment from SC Launch. Sabal simultaneously formed a relationship with Greenville Hospital System, nationally known for its leading edge pharma technology, where Sabal’s automated medication carts were tested.

“As a landing party – a company that relocates to South Carolina from elsewhere in the country – Sabal Medical represents a key program of SC Launch in conjunction with its partners that attracts companies to South Carolina,” said Bill Mahoney, SCRA CEO.

Sabal Medical was the first SC Launch landing party. The company subsequently obtained follow-on private capital funding from Nexus Medical Partners, a member of the SC Venture Capital Investment Authority and a frequent co-investor with SC Launch, Inc.

SC Launch companies have to date secured more than $71 million in follow-on venture capital and private equity funding with an additional $25-$30 million currently pending.

Online: www.sclaunch.org; www.sabalmedical.com