iSonea, a US-based medical technology firm, has raised $13.5m from its allotted $38.6m new completely-paid ordinary shares in a private placement, a move that would guarantee funding to launch its AirSonea, a monitoring device to detect and measure wheezing.
Wheezing is a key sign of airway obstruction in asthma cases. The device will not only record but also analyse the data through a smartphone, following which it will synchronize with the company’s AsthmaSense management application.
iSonea CEO Michael Thomas said, "This key fundraising enables the company to focus on the commercialization of AirSonea, and address each important element: solidifying manufacturing partners, developing distribution channels, preparing the market and educating consumers about iSonea products and services, both in Australia and the United States."
iSonea chairman Stewart Washer said that the success of this $13.5 million private placement illustrates the strong confidence investors have in the company, its commercialization strategy, and the unmet market need for the AirSonea device.
"iSonea has stimulated new investor interest in the US and Australia because of its leadership position in the attractive area of asthma mobile health and remote monitoring," Washer added.
AirSonea will intially be introduced in Australia in September this year and in the US in early 2014, following US Food and Drug Administration (FDA) approval.