February 14, 2013 -- ExoStat Medical, Inc., a Prior Lake, MN medical device company received $2.5 million of equity financing on February 15, 2013. This round of financing is part of a $4.5 million equity commitment arranged by the company. “All proceeds are earmarked for product development and related expenses,” said ExoStat President/CEO, Jim Hays.
The Prior Lake firm is focused on research and development of a sensor and hand held monitoring system that can detect the onset of various forms of shock, including septic shock, the leading killer in ER and critical care environments. The sensor, which measures CO2 in oral mucosal tissue of patients, has been developed through a cooperative effort with the Weil Institute of Critical Care Medicine in Palm Springs, California, one of the world’s leading critical care research organizations.
Market data show that 136 million patients entered ERs in the U.S. in 2012. Over 1,000,000 cases of shock occurred and 200,000 of those patients died. Studies indicate that early detection of elevating CO2 in mucosal tissue could lower this morbidity rate. ExoStat believes that the market for their device exceeds $600 million in the U.S. alone and double that amount worldwide.
“ExoStat owns an FDA cleared-for- market device, the MicroStat System, and we will be seeking FDA approval for changes to that device this summer,” stated Hays. “We fully expect to seek and to receive final 510(k) approval for our commercial product in late 2014. The need for a solution to evaluate quickly and accurately CO2 in mucosal tissue has received the attention of emergency and critical care providers for more than a decade. We believe that our highly researched and patented sensor/monitor system will finally provide that solution.”
