Content provided in partnership with

Business Services Industry

OmniSonics Medical Technologies, Inc. Completes $5.7 Million Series A Financing

Business Wire, July 18, 2000

Business Editors

WILMINGTON, Mass.--(BUSINESS WIRE)--July 18, 2000

OmniSonics Medical Technologies, Inc., an early stage medical device company, announced today that it has completed a $5.7 million round of private equity financing.

This Series A financing was led by Prism Venture Partners, a leading venture capital firm providing equity investments in start-up, early-stage and growth companies and included participation by Johnson & Johnson Development Corporation.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

The company's focus is in the development of patented non-thermal tissue ablation technologies that facilitate highly controlled dissection and removal of soft tissue during surgical procedures. Unlike current standard surgical techniques, this proprietary technology platform is designed to allow the surgeon to precisely select and remove large volumes of soft tissue while minimizing potential damage to surrounding tissues. This improved operative precision and efficiency is intended to result in improved outcomes for the patient.

"This investment demonstrates the confidence that investors have for the combination of strong proprietary product platforms, demonstrable solutions to unmet clinical needs, credibility of results during pre-clinical testing and a well formulated, aggressive business strategy " said Robert A. Rabiner, President and CEO of OmniSonics Medical Technologies, Inc. "The access to capital supplied by Prism Venture Partners and our other investors now allows us to accelerate our research and development initiatives while broadening the scope and scale of our operations."

Initial product development has been focused in the rapidly growing fields of Urology and Gynecology.

Urology:

Benign Prostatic Hyperplasia (BPH) Approximately 50 percent of men over 50 are affected by BPH symptoms. Surgeons treating this disease will now have access to technology that designed to enhance their tissue sparring techniques and will assist their efforts to minimize post-operative complications.

Gynecology:

Dysfunctional Uterine Bleeding (DUB) affects one million women in the U.S.A. annually with 15 percent of the nearly 600,000 hysterectomies performed to correct the underlying causes of D.U.B. OmniSonics technology will now give the gynecologist an important and efficient tool assisting their treatment of this painful and potentially disabling disorder.

Future development efforts will expand the focus of the core technology to include advanced vascular and cardiovascular applications.

"We are very excited by the tremendous and significant upside potential in this innovative medical device company," commented John Brooks, Founding General Partner, Prism Venture Partners " OmniSonics is poised for rapid growth and well positioned to be a leading producer of truly unique ultrasonic technologies that will provide clear and significant clinical benefits for both the surgeon and the patient."

OmniSonics Medical Technologies, Inc., a privately held company formed in 1998, is an early stage medical device company dedicated to developing innovative medical devices based on proprietary technological platforms intended to improve patient outcomes and the standards and methodologies for the surgical ablation and removal of soft tissues. The company continues to develop proprietary products for a broad range of minimally invasive surgical procedures where rapid, precise soft tissue removal is required with minimal damage to surrounding tissues.

For more information on OmniSonics, Inc. visit the company website at www.omnisonics.com .

Certain statements made by the Company which are not historical facts may be considered forward-looking statements, including, and without limitation, statements as to trends, management's beliefs, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors, which may cause actual results to differ materially form those forward-looking statements.

Business Services Industry

OmniSonics Medical Technologies, Inc. Completes $5.7 Million Series A Financing

Business Wire, July 18, 2000

Find Research Guides for:

Find Featured Titles for: Technology

Most Popular Articles in Business

Most Popular Publications in Business