The LifeChoice® is a Stationary and Portable Oxygen Concentrator (POC) with a pulse mode system, delivering oxygen equivalent to a continuous flow of 1, 2 and 3 lpm, and is equipped with state-of-the-art SLEEP MODE technology. The compact size, light weight (under 5 lbs), and over 5 hours of battery time, allow patients relying upon supplemental oxygen to be more active and independent.
David Shockley, President and Chief Executive Officer of Inova Labs, said, “We are pleased to complete this equity financing, and we especially appreciate the support of Three Arch Partners. We look forward to the global sales expansion of our LifeChoice product line and continued sales growth in 2010 and beyond.”
He continued, “The LifeChoice product line is manufactured in Austin, Texas, and with our expansion, we will immediately begin hiring additional sales, marketing, product engineers, manufacturing-related employees in supervisory positions, and others, for an estimated additional 75 jobs over this next year.”
In connection with the financing, Dr. Richard Lin, Partner at Three Arch Partners will be joining Inova's Board of Directors. Said Dr. Lin, "We are excited about this opportunity to invest in an early stage company with tremendous growth potential, and which is providing such an important product to the community.”
Minneapolis-based Greene Holcomb & Fisher LLC, an investment banking firm that specializes in providing merger and acquisition, private placement and financial advisory services, acted as placement agent to Inova Labs in the transaction. The Houston office of Thompson & Knight, LLP represented Inova Labs in the transaction, and San Francisco-based Kim Law Advisors acted as counsel to Three Arch Partners.
About Inova Labs
Inova Labs is an Austin, Texas-based medical device development, manufacturer and worldwide distribution company and is the developer, manufacturer and owner of the LifeChoice Oxygen Concentrator. It is an FDA and ISO registered company. For more information, visit www.lifechoiceoxygen.com.
About Three Arch Partners
Three Arch Partners provides young healthcare companies with access to relevant clinical and business resources, as well as capital, having helped create, build and fund more than 100 important new companies. They are currently managing over $1 billion in capital. For more information, visit www.threearchpartners.com.
Contact:
Kristy Ozmun Public Relations Kristy Ozmun, 512-474-1501 kristy@ozmun.com
