Sotera Wireless last month filed for Chapter 11 bankruptcy protectection, saying it owes its creditors, Silicon Valley Bank and Oxford Finance, roughly $13.1 million and doesn’t have the scratch to make good.
The San Diego-based company, developed the ViSi wireless wearable patient monitor, reported raising about $20.7 million back in April 2014. Last year, Sotera acquired sensor developer Reflectance Medical for an undisclosed amount.
Filings in the U.S. Bankruptcy Court for Southern California show that Sotera has just more than $2.4 million in cash, or enough to sustain operations at a reduced level for about 3 months.
