VitalConnect Announces Closure of $25 Million of Financing

SAN JOSE, Calif.–(BUSINESS WIRE)–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.
For more information about VitalConnect and its biosensor products,
visit: www.vitalconnect.com.
About Vital Connect, Inc.
VitalConnect is a leader in wearable biosensor technology for wireless
hospital and remote patient monitoring. VitalConnect leverages extensive
expertise in bioengineering, data analytics, chip design, and mobile and
cloud software, creating technology that supports decision-making
paradigms to achieve better health and economic outcomes. The
VitalConnect platform is FDA-cleared, CE-marked and Ninsho Certified. It
includes the HealthPatch®MD biosensor and the single-use VitalPatch™
biosensor. VitalConnect’s products are designed for use in a broad range
of inpatient and outpatient settings for hospital monitoring, post
discharge care, cardiac monitoring and pharmaceutical solutions. For
more information, please visit www.vitalconnect.com.