Sway Medical Launches to Revolutionize Medical on Mobile, Closes $750K Series A Round of Financing
Flagship Product Sway Balance™ Secures FDA-Clearance; Rapidly Growing Startup Secures Strategic Partnership with ImPACT Applications
TULSA, Okla., June 21, 2013-- Sway Medical, the company revolutionizing medical on mobile, emerged from stealth today and announced its has completed a $750,000 tranche of its Series A funding round led by individual angel investors and the OKAngel Sidecar Fund. To date, Sway Medical has raised $1.325 million in total funding.
Additionally, Sway Medical also unveiled it has secured FDA clearance on its flagship product, the Sway Balance™ iOS mobile app, and announced a strategic partnership with ImPACT Applications, Inc. The partnership creates new tools and wider distribution channels for Sway Medical and ImPACT Applications to bring objective sideline balance testing for concussion management to the sidelines of sporting events.
“We are extremely pleased to have the ongoing support of angel investors and the state of Oklahoma - together they have positioned Sway Medical for tremendous growth and the opportunity to make a real difference for people with serious injuries and medical ailments,” said Chase Curtiss, Founder and CEO of Sway Medical. “Most balance assessments are limited to subjective pencil and paper tests or bulky force platforms that cost upwards of $25,000 per unit. We are changing an entire industry and are fully committed to leveraging technology to improve the healthcare industry and arm healthcare professionals with clinically validated tools that improve patient care.”
Sway Balance™ is a mobile medical diagnostics tool that provides medical professionals such as doctors, nurses, athletic trainers and physical therapists with a high-tech, mobile alternative to the standard pen and paper diagnostic tests currently used. It gathers measurable evidence in moments, showing whether or not a person has probably suffered a concussion. Currently, Sway Medical technology is utilized to provide instantaneous clinical management of concussions for athletes from age 10 through adulthood.
Future versions of the Sway Balance™ app will assist in monitoring patient outcomes in physical therapy, orthopedic and primary care physician practices, senior living facilities, and worksite medical clinics settings. In addition to evaluating certain health risks, the app is expected to be influential in monitoring the impact of prescribed medications.
Partnership with ImPACT Applications
ImPACT Applications is the developer of the first, most-widely used computer-based concussion evaluation system, which was originally developed in the early 1990s by Dr. Mark Lovell and Dr. Joseph Maroon. ImPACT® provides individualized baseline testing and post-injury neurocognitive testing to objectively evaluate a concussed athlete’s post-injury condition and track recovery for safe return to play.
“While cognitive testing is the cornerstone of concussion management, the Sway Balance™ application provides critical balance assessment information in real time to help further assess potential injuries as they occur,” says Dr. Mark Lovell, Chief Scientific Officer and Chairman of ImPACT Applications, Inc. “Sway Balance™ combined with ImPACT, our new mobile apps, and the expertise of Sway and ImPACT-trained athletic trainers and healthcare professionals is an excellent fit within our Concussion Management Model.”
Qualified medical professionals in high school, collegiate, and professional team settings can now pair neurocognitive assessments with clinical grade balance baseline testing to identify and prevent cumulative effects of concussion. In the event of an injury where concussion is suspected, medical professionals can administer the Sway Balance™ test directly on the sidelines.
The Sway Balance™ Difference
Using individualized movements to evaluate stability, the Sway Balance™ software can detect instability from a head injury. Athletes simply hold a mobile device against their chest and perform clinical balance movements. A balance score quickly evaluates total stability on a 100-point scale, with 100 being well balanced. An athlete’s data is then displayed on the mobile device to evaluate progress and trends over time, providing improved quality of care for athletes. Athletes and their families will also be able download the app to review results, track trends, and self-administer prescribed Sway Balance™ tests.
Full access to app features will be available to qualified medical professionals with a Sway-issued login in July. Administrators and medical professionals can visit http://sway.medical.com/getstarted to sign up for notification when Sway Balance™ is available for purchase. Early adopters and ImPACT customers will benefit from an introductory rate of $199 for an annual subscription.
The Sway Balance™ app is now available for download in the Apple iOS App Store for medical professionals and distributors.
About Sway Medical
Sway Medical is the company that is revolutionizing medical on mobile. The company’s flagship product is Sway Balance™, an FDA-cleared software application that revolutionizes the way athletes and patients are monitored for signs of musculoskeletal, neurological and vestibular dysfunction using any iOS mobile device. For more information, please visit http://swaymedical.com.
ImPACT is the most widely used, scientifically validated computerized concussion evaluation system that assists qualified practitioners in making sound return to play decisions following concussions. For more information, please visit http://impacttest.com/.
Treble Public Relations
Ethan Parker, 512-761-3829
Venture Capital Database
Venture Capital Deals Spreadsheet