Signostics Closes Follow-On Financing of $5 Million to Advance Palm-Sized Ultrasound

PALO ALTO, Calif., March 30 /PRNewswire/ -- Signostics Inc., a U.S. and Australian-based medical device company developing revolutionary and affordable palm-sized ultrasound devices, has raised $5 million in an oversubscribed round of financing from new and existing investors. The company has raised a total of $19 million to date.

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The Signos® is the smallest and most affordable handheld ultrasound device in the world and is designed for point-of-care use by medical practitioners and veterinarians. The device is so easy to use that most clinicians learn to acquire quality images in less than an hour and is small enough to fit in a pocket or wear around the neck like a stethoscope. The Signos is ideal for quick applications such as bladder exams, foreign body assessments, fluid localization, pregnancy evaluations and screenings for abdominal aortic aneurysms (AAAs).

"With the recent passage of the healthcare reform bill in the U.S. and high healthcare costs continuing to be a global concern, Signostics' breakthrough technology creates a very affordable tool to deliver faster diagnosis at the point of care, at a fraction of the cost of other diagnostic tools. Our products have many applications that are compelling to many different medical specialties, including emergency medicine and primary care. The additional capital we raised will help us expand in key target segments," said Dr. Neil Bartlett, Chief Executive Officer of Signostics.

Signostics was established in Adelaide, Australia in 2005 and expanded into the U.S. in 2008, dedicated to developing fast and affordable point-of-care medical devices. The company launched its first product into the veterinarian market in January 2009 and gained regulatory approvals to enter the human medical device market for the United States, Europe, and Australia in May 2009. Signostics has offices in Palo Alto, California and Adelaide, South Australia.

SOURCE Signostics Inc.