Lineus Medical Earns Fourth Place in the Korean Startup Challenge
By: Lineus Medical
Lineus Medical is proud to announce a fourth-place finish in the K-Startup Grand Challenge, sponsored by the Korean Government. The competition took place in Seoul, Korea from August-December 2018 and included 1770 applications representing 108 countries. Through the application process, 80 teams were initially selected. The field was then narrowed to 40 after a Demo Day presentation which took place in early December. The K-Startup Challenge is the world's largest business accelerator for companies looking to enter the Korean/Asian market. The program offers startups incubating infrastructure along with the opportunity to collaborate with prominent Korean Companies.
Vance Clement, CEO of Lineus Medical, stated, "We are extremely pleased with our fourth-place finish in such a prestigious competition. South Korea's economic climate along with the financial incentives of the K-Startup Challenge, provided an environment where we could excel." Clement continued, "We are eager to continue working with the Korean Ministry of Food and Drug Safety to obtain clearance for SafeBreak Vascular and establish a distribution network in Korea. South Korea has a population of over 50 million, and IV usage is twice per capita of the United States. We intend to start selling SafeBreak in Korea as our first Asian market and use it as a springboard into other Asian countries."
The K-Startup Challenge provided the top 80 teams with a monthly stipend of $3,180, office space, one-on-one mentoring, networking sessions, and guided lessons in Asian business culture. Each of the top 40 teams received a settlement fund of $22,727. With a fourth-place finish, Lineus Medical received the settlement fund and was also awarded an additional grant of $6,000.
Louis Diesel, Lineus' Director of Business Development in Asia, was the company's primary representative in the K-Startup Challenge. Diesel stated, "I couldn't be happier with our finish in the K-Startup Challenge. It was a privilege to be chosen and to participate in the program. We could never have obtained the support, guidance, and opportunities on our own." Diesel, continued, "I look forward to gaining regulatory clearance in Korea and starting to make an impact on saving IV lines in Asia."
ABOUT LINEUS MEDICAL
Lineus Medical is the developer of a unique, patented, break-away IV technology that is being designed to work with a variety of medical tubing. Dislodgement of feeding tubes, IV lines, urinary catheters and any other type of medical line could be prevented by the device breaking into two pieces, and therefore protecting the patient's medical line. The company's first product, SafeBreak Vascular, fits into any standard IV tubing and will help prevent IV lines from failing, which occurs 46% of the time according to the clinical literature.1 SafeBreak Vascular is not yet 510(k) cleared and is not yet for sale. More information about Lineus Medical or the K-Startup Grand Challenge can be found at www.lineusmed.com or www.k-startupgc.org respectively.
1Helm, R.E., et al., Accepted but Unacceptable: