Printer Friendly

OPTICAL SENSORS FOR MEDICINE RAISES $6.3 MILLION THROUGH PRIVATE PLACEMENT

 OPTICAL SENSORS FOR MEDICINE RAISES $6.3 MILLION
 THROUGH PRIVATE PLACEMENT
 Placement Oversubscribed; Funds for Use in R&D
 MINNEAPOLIS, May 13 /PRNewswire/ -- Optical Sensors for Medicine has raised $6.3 million through a private placement of venture capital.
 Lead investors in the private placement, which was oversubscribed, are New Enterprise Associates (NEA), Baltimore; Catalyst Ventures Limited Partnership, Baltimore; and Norwest Venture Capital, Minneapolis.
 Other investors include: Alex. Brown & Sons, Inc., Baltimore; Sutter Hill Ventures, Palo Alto, Calif.; Corning Partners, Boston; Wessels, Arnold & Henderson, Minneapolis; and Gideon-Hixon Fund, Minneapolis. The placement also includes several individual investors and funds from the Minneapolis area.
 The proceeds from the private placement will be used for operations and research and development of Optical Sensors' blood gas analysis system for use in monitoring critical care patients.
 "This is an unusually large private placement for a company at our stage of development, and it reflects confidence in our future by a distinguished group of venture capitalists," said Sam B. Humphries, president and CEO of Optical Sensors. "This funding will allow us to complete our technology and our clinical trials and to develop our manufacturing capability," said Humphries.
 Humphries became president and CEO of Optical Sensors in October, 1991. He was formerly president and CEO of American Medical Systems, a subsidiary of Pfizer, Inc.
 Optical Sensors, founded in 1989, is developing fiberoptic diagnostic blood gas sensors for use in critical care environments. The company's initial products are designed to provide continuous, cost- effective monitoring of three parameters (pH, pO2, pCO2). An additional benefit of this technology is the increased safety for hospital personnel, as it reduces the need to handle infectious blood.
 "We have a unique, patented technology that we believe will enable us to do a number of things better than our competition," said Humphries.
 "We have a proprietary capability to manufacture and develop the sensors in a consistent and predictable manner. This continues to be a major stumbling block for other companies developing this technology," said Humphries.
 Optical Sensors for Medicine, which is privately held, employs 22 people. It moved into a 14,000-square-foot facility in Eden Prairie, Minn. early this year.
 -0- 5/13/92
 /CONTACT: Perry Ketchum of Ketchum & Metz, Inc., 612-349-2727, for Optical Sensors/ CO: Optical Sensors for Medicine ST: Minnesota IN: MTC SU:


AL -- MN004 -- 9660 05/13/92 12:03 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1992
Words:391
Previous Article:APPLIED POWER DECLARES QUARTERLY DIVIDEND
Next Article:CV REIT REPORTS FIRST QUARTER RESULTS; COMPLETES SALE OF WESTWARD SHOPPING CENTER
Topics:


Related Articles
OPTICAL SENSORS FOR MEDICINE NAMES CHIEF FINANCIAL OFFICER
OPTICAL SENSORS FOR MEDICINE APPOINTS THREE NEW BOARD MEMBERS
OPTICAL SENSORS FOR MEDICINE, MARQUETTE ELECTRONICS SIGN MANUFACTURING, DISTRIBUTION AGREEMENT
OPTICAL SENSORS FOR MEDICINE HIRES THREE SCIENTISTS FOR RESEARCH AND DEVELOPMENT POSITIONS
OPTICAL SENSORS RAISES $13 MILLION THROUGH PRIVATE PLACEMENT
OPTICAL SENSORS INC. COMPLETES $32.5 MILLION INITIAL PUBLIC OFFERING
Optical Sensors Files With FDA to Market Stand-Alone Arterial Blood Gas Monitoring Instrumentation
Optical Sensors Reports Third Quarter Results
Optical Sensors Names Five Members To Newly-Formed Scientific Advisory Board
Instrumentation Laboratory and Optical Sensors Announce Partnership; Further Strengthens IL's Position in the Hospital Point-of-Care Testing Market

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters