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Signostics Closes Follow-On Financing of US$4 Million, Expands Board of Directors


7/22/2009 7:39:16 AM

PALO ALTO, Calif., July 21 /PRNewswire/ -- Signostics Inc., a U.S. and Australian-based medical device company developing groundbreaking personal ultrasound devices, announced today it has raised US$4 million in its latest round of financing, including new investments from Australian-based venture capital firms Brandon Capital Partners, Playford Capital, and Terra Rossa Capital, bringing the total amount raised to US$13 million to date.

Signostics is pioneering a new generation of palm-sized, affordable personal ultrasound devices for point-of-care use by medical practitioners and veterinarians. The company recently obtained U.S. FDA and Australian TGA regulatory clearances and its Signos and SpeqView products also now bear the European CE mark.

"With rising healthcare costs and healthcare spending being re-evaluated, our breakthrough technology creates a much more affordable tool to deliver faster diagnosis at the point of care. Our products have many applications that are attractive in many different markets and the additional capital we raised will help us grow into our key target segments," said Dr. Neil Bartlett, Chief Executive Officer of Signostics.

"In addition, although the current global economic environment has created challenges for most companies to raise sufficient capital, investors believe in our innovative approach to providing significantly more affordable ultrasound technology to clinicians and in our platform's potential to improve patient outcomes with a faster, more accessible diagnostic tool at the point of care," Dr. Bartlett concluded.

The company has also expanded its board of directors, adding four new directors, including David Fisher, Amanda Heyworth, Des Masters and David Shaw.

David Fisher has over 25 years experience in the biotechnology and medical devices sector, including CEO of Peptech Ltd, senior roles with Pharmacia AB in Sweden, and is currently Managing Director of Brandon Capital Partners, an Australian venture capital firm.

Amanda Heyworth is CEO of Playford Capital, serves on the board of several other organizations, co-founded a software company, taught marketing for the Australian Graduate School of Management and worked in strategy roles at the Australian Stock Exchange and the Wallis Inquiry into the Financial System.

Des Masters has had a 32-year career in banking in Australia, including several years responsible in corporate banking managing a portfolio of over $3 billion. Since retiring from corporate banking, Mr. Masters has been active in government and university assistance programs including managing the University of Adelaide's enterprise education programs.

David Shaw has worked in the medical device industry for 15 years and is presently affiliated with Monterey Advisors, Inc., a management, operations and investment consulting firm focused exclusively on medical technologies. Prior to Monterey Advisors, Mr. Shaw served for five years as Vice President, Legal Affairs and General Counsel of Kyphon Inc., a NASDAQ-traded medical device company focused on minimally invasive spinal therapies that was sold to Medtronic, Inc. in 2007 for $4.2 billion. Before Kyphon, Mr. Shaw held various senior legal positions at Intuitive Surgical, Inc., a medical robotics company.

Signostics was established in Adelaide, Australia in 2005 and expanded into the U.S. in 2008, dedicated to developing fast and affordable point-of-care medical devices. The company launched its first product into the veterinarian market in January 2009 and gained regulatory approvals to enter the human medical device market for the United States, Europe, and Australia in May 2009. Signostics has offices in Palo Alto, California and Adelaide, South Australia.

SOURCE Signostics Inc.




   

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