VitalConnect announces $25 million of new funding
June 15, 2016 – SAN JOSE. VitalConnect, a leader in medical-grade wearable biosensor systems, today announced that it has closed a term loan facility of $17.5 million with Perceptive Advisors LLC, of which $10 million was funded today at initial closing. Armentum Partners acted as financial advisor to VitalConnect in conjunction with this financing. The Company also recently extended its Series B round to raise an additional $7.8 million of equity capital taking the total raised to date in the Series B round to $22.1 million. This combined funding will propel VitalConnect’s commercialization of the HealthPatch®MD and VitalPatch™ biosensors for patient monitoring in the hospital and at home.
“Virtual patient monitoring with wearable biosensors is evolving into an important method of care delivery for hospitals and doctors,” said Dr. Nersi Nazari, VitalConnect Chairman and CEO. “These additional financings confirm that biosensors are the foundation for improving patient care and the speed of medical response that will lead to better outcomes for future patients.”
VitalConnect currently markets the VitalConnect Platform that includes two wearable biosensors combined with mobile and cloud-based software and analytics. HealthPatch®MD and VitalPatch™ biosensors are lightweight, wireless, adhesive patches that continuously monitor and record single lead ECG, heart rate, heart rate variability, respiratory rate, skin temperature, posture, step count and fall detection with clinical accuracy. Through the VitalConnect Platform, care teams receive accurate data and notifications to make health decisions and enable timely interventions.