A Diagnostics & Imaging Week
Sensory View of America (SVA; Austin, Texas) reported receiving an initial funding round from Lonestar CAPCO Fund.
SVA, a provider of neuro-sensory diagnostic testing systems and software, said it will use the funding — the amount not disclosed — to execute its marketing and sales strategy for the deployment of NeuroSensory Centers nationwide. The funding also will be used to market and deploy Version 2.0 of the Sensory View software, due for release, it said, in October.
SVA describes the NeuroSensory Center concept as a one-stop facility for the diagnosis and treatment of neuro-sensory disorders that include dizziness, post-concussion syndrome, vertigo and ADD, among others. The company said it will begin expansion in the Dallas, Houston and San Antonio markets "within the next year."
"Our product and concept has been very well received by the medical community. This infusion of capital will allow us to both tell our story to a larger audience and add the key staff we require to execute our strategy," said Kendal Stewart, MD, founder and chairman of SVA.
The company currently markets the NeuroSensory Center concept to physicians across the U.S. that specialize in the diagnosis and treatment of neuro-sensory disorders. The company puts their number at more than 80,000 and said it will reach them through "a small direct sales and marketing organization."
"When we saw the work that Sensory View and Dr. Stewart were doing in this often overlooked medical area, we knew that we had to encourage them to take this to a broader audience," said Phil Rawlins of Lonestar. "The system has a proven record of accomplishment in patient treatment and the business case for the physician is compelling. We believe Sensory View has a very bright future."
SVA says that it provides the first "all-in-one" multi-platform diagnostic system for measuring the function and response of the neuro-sensory inputs delivered to the brain.
In other financing activity:
• AMDL (Tustin, California), developer of tests for the early detection of cancer and other diseases, reported that the exact ratio of the reverse split approved by its shareholders was 1-for-5. Each five outstanding shares were converted into one share after the reverse split took effect.
The stockholders approved this proposal at a meeting on Sept. 8. The closing of the company's acquisition of Jade Pharmaceutical in China and the reverse split are expected to enable AMDL to remain in compliance with the applicable listing standards for the American Stock Exchange (AMEX). AMDL's stock has begun trading on the AMEX on a split-adjusted basis.
• CardioDynamics (San Diego), a developer of impedance cardiography technology, reported that an individual, high net worth shareholder, Herbert Wertheim, raised his personal investment in the company to 9%.
In an amended filing, Wertheim disclosed ownership of 4.4 million shares, increased from the prior 3.7 million, or 7.6% stake, disclosed in a past filing.
Wertheim is founder and chairman of Brain Power (BPI; Miami), a manufacturer of ophthalmic instruments and chemicals for eye care professionals and optical laboratories, with research and manufacturing facilities in the U.S. and Europe.
CardioDynamics develops noninvasive diagnostic and monitoring technologies and electrodes.