MEMPHIS, Tenn.--(BUSINESS WIRE)--Jim Phillips, President and CEO, Memphis-based Luminetx Corporation, announced today that the company raised approximately $15 million in capital during its most recent financing round, which just concluded this week. Investors include selected strategic investors and existing shareholders who had expressed a desire to the Company to increase their existing stake in the Company’s success. According to Phillips, “We saw this as a unique opportunity to not only build our financial resources but to expand our investor pool to include key industry participants.” The funds were raised to provide additional capital for the ramp up of sales and marketing activities for its premier product, VeinViewer by Luminetx(TM), a vascular imaging system, and to provide additional resources for the Company’s research and development and international sales efforts.
The Company, which discovers, develops and commercializes bioscience technologies, also announced today that has received clearance from the FDA as a Class I Exempt Medical Device - thus commencing full commercial roll-out. Pilot manufacturing of the VeinViewer began this spring and with the completion of this financing and the FDA clearance, full scale commercial introduction will begin immediately. “The preliminary marketing and sales results for our initial product, the VeinViewer, have been very positive,” according to Phillips, “and with the additional funding we are now poised to attack not only the US sales but to begin to move into international markets.”
The VeinViewer allows physicians, nurses and other health care professionals to clearly see accessible vasculature (or lack thereof) in real time. The device uses a combination of near-infrared light and patented technologies to image vascular structures and project their location directly on the surface of the skin. This provides clinicians with a safe, non-invasive adjunct technology for clinical treatments and procedures including, but not limited to: IV insertions, PICC line insertions, routine venipuncture (blood sampling), blood and plasma donations and treatment for varicose and spider veins.
About Luminetx
Based in Memphis, Tenn., Luminetx Corporation discovers, develops and com-mercializes bioscience technologies. Luminetx was selected by Red Herring as one of its “Top 100" companies in North America in May of 2006. For more information, visit luminetx.com.
Contact: Luminetx Corporation, Memphis Sarah Little, 901-252-3741 Mobile: 901-553-1771 slittle@luminetx.com
Source: Luminetx Corporation