Intelomed Raises $4M with Series A-1 Round
PITTSBURGH, September 9, 2013-- Intelomed, Inc., a developer of noninvasive medical devices and technology for monitoring cardiovascular stability, today announced it has secured $4 million in funding from new and existing shareholders through the sale of its Series A-1 Common Preferred stock. The funding will be used to launch sales efforts and pursue additional clinical validations for newly implemented product features.
"At Intelomed, we believe we have a great opportunity to introduce meaningful improvement to the quality of care in a variety of areas within healthcare. Over the past two years, we have made great progress and look forward to not only continuing that momentum but accelerating it," said Frank Amoruso, President and CEO of Intelomed. "We are very fortunate to have a strong network of investors that believe in our vision and approach. While our investor network includes investors local to Pittsburgh, the majority of our funding was received from the New York and California area."
Intelomed's flagship product, CVInsight®, will be introduced to the Hemodialysis industry and the Long-term Care and Nursing Home industry over the next several months. "Initially, we will focus on two markets where we feel there are clear unmet needs that we can address. When the time is right, we will expand into other markets, determined by need and likely adoption rate."
Intelomed is a privately held medical technology company, established in 2005 and headquartered in Pittsburgh, Pennsylvania. They are focused on developing innovative software and noninvasive devices for monitoring cardiovascular stability in real-time, as well providing a database of information that will enable improved patient care. Intelomed's ability to provide intelligent operational medicine via their technology will directly and positively impact the initial areas of dialysis, long-term care, nursing homes and cardiology.
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on third party manufacturers to produce our goods on time and to our specifications, and implementation of our sales strategy.
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