A Medical Device Daily
Triage Wireless (San Diego) reported that it closed on a $20.3 million strategic investment round led by Qualcomm Ventures. Other participants in this round included existing investors Sanderling Ventures and 3i Group and new investor, Intel Capital.
The new proceeds will be used to fund the commercialization of the company's wireless vital signs monitoring system, OmniScan, which features a proprietary method for measuring blood pressure.
To date, the company said it has raised $25.8 million.
"The expanded implementation of monitoring technology in hospitals can not only improve care, but also enhance efficiency," said Nagraj Kashyap, Senior Director and head of Qualcomm Ventures. "We believe the wireless capabilities of the Triage technology will make such monitoring practical in both the hospital and the home settings."
Triage is developing a new generation of vital signs monitoring technology that merges the benefits of wireless body-area network communication with improved biosensors. The first generation of new sensors allow blood pressure measurements to be made continuously for long periods of time without relying on frequent inflations of an arm-worn cuff. With its wireless capabilities, patients do not have to be tethered to the monitor and results can be sent to any wireless network.
CryoLife (Kennesaw, Georgia) said it has entered into a credit facility with GE Healthcare Financial Services, which provides for up to $15 million in revolving credit for working capital, acquisitions and other corporate purposes. The credit agreement expires in March 2011.
Amounts borrowed bear interest at LIBOR or the lender's base rate, as defined, plus an applicable margin, and are secured by substantially all of the assets of the company and its subsidiaries.
"This credit facility further enhances the financial flexibility of the company and allows us to continue to evaluate opportunities that create value for our shareholders," said Steven Anderson, president/CEO of CryoLife.
CryoLife processes and distributes implantable living human tissues for use in cardiac and vascular surgeries throughout the U.S. and Canada.