WIN and Harbright Raise $770K for VQ Biomedical

FOR IMMEDIATE RELEASE

Raleigh, NC — March 27, 2025 — The Wolfpack Investor Network (WIN) and Harbright Ventures have announced a $770K investment in VQ Biomedical, a medical technology company developing an innovative oxygenation catheter for treating Acute Respiratory Distress Syndrome (ARDS). WIN and Harbright account for nearly 50% of VQ’s $1.65M investment round. 

ARDS is a life-threatening condition that affects ~390K adults annually in the US and EU, and 27-45% of patients suffering from ARDS die each year. Existing treatment options include mechanical ventilation and Extracorporeal Membrane Oxygenation (ECMO), which can be very helpful, but both carry significant risks and costs. Mechanical ventilation may cause (Ventilator-Induced Lung Injury) or worsen lung injuries and fails to provide sufficient oxygenation support in many ARDS patients. ECMO, an alternative for severe cases, is very costly, difficult to deploy in patients, requires highly specialized personnel, poses significant infection and bleeding risks, and, critically, is only available in about 10% of US hospitals.

VQ’s oxygenation catheter offers a novel alternative for ARDS treatment by directly delivering oxygen into the bloodstream, minimizing the risks and costs associated with traditional therapies. Initially, it could replace Venovenous (VV) ECMO for severe ARDS. In the long term, VQ seeks to reduce reliance on mechanical ventilation for all ARDS patients, resulting in safer ventilation, more ventilator-free days, and shorter ICU stays.

“We are thrilled to have WIN and its venture partner, Harbright Ventures, join us in this journey,” said Galen Robertson, CEO of VQ Biomedical. “Their investment nearly doubled our overall funding, and their deep expertise in early-stage MedTech has been invaluable. Through Harbright’s leaders, John Leachman and Robert Ross, we’ve gained access to a network of experienced investors who understand the unique challenges and opportunities in scaling innovative medical technologies.”

VQ’s catheter effectively delivers significant oxygen levels in early proof-of-concept large animal studies. The company’s catheter design enables bedside insertion with a single dial for oxygen flow, simplifying use compared to ECMO. The company has been awarded a $750K contract through BARDA’s Healing Lungs program. The North Carolina Biotechnology Center has supported VQ with a $300K Strategic Growth Loan. Most recently, DARPA announced a $2.4M contract with VQ to make its device smaller and more efficient.

“It’s inspiring to see such a promising advancement in ARDS treatment,” said Abby Phillips, WIN’s Director. “VQ’s innovative catheter system could be a game-changer in critical care, and we’re excited to support their mission to improve patient outcomes and save lives.”

Lead Engineer Stewart Farling, PhD, an expert in oxygen and small molecule transport, developed the company’s technology. Farling holds a BS and MS in Environmental Engineering from NC State and completed his PhD research at Duke University.

WIN is an early-stage, membership-based investment group composed of NC State alumni, faculty, staff, parents, and friends of the university. WIN invests exclusively in companies with a connection to NC State. WIN is NC State’s official angel investing platform.