Sandy deals blow to Twin Cities med-tech startup on the edge

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Hurricane Sandy delayed a lot of East Coast meetings, but  Andrew Weiss and his med-tech startup couldn’t afford to miss this one. The Food and Drug Administrationon Monday told Weiss, CEO and president of CoAxia Inc., that it would have to postpone a panel meeting focused on his company’s device due to the looming storm.

Weiss’ company has raised $70 million in venture capital and has run out of cash because they been waiting  for the FDA to determine whether the company can market its product for the purpose of treating ischemic stroke. In an interview Weiss said, “We are very, very low on funds, to the extent that we only have one employee left.”

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