MEDICAL DEVICE COMPANY – ESO-TECHNOLOGIES RAISES $600k
Contact: Bonnie J. Reinke at breinke@esotechinc.com 608-770-8170
Eso-Technologies, Inc., has announced the closing of its second Series A funding round. The company, an early stage medical device start-up located in southern Wisconsin, raised $600,000 from Wisconsin-based angel investors. Initially the company was seeking $400,000, however due to a strong demand and oversubscription, it cut off the funding at the higher amount. DaneVest Tech Fund led the effort, and individuals from Phenomenelle Angels, Silicon Pasture, Angels on the Water and private investors also participated.
Eso-Technologies has developed a promising new minimally-invasive method for monitoring diseased hearts with a device placed in the esophagus. They have successfully conducted FDA-approved clinical trials at two institutions. The data captured from surgical patients monitored with the Eso probe trended positively compared to the highly invasive and riskier devices currently used to monitor patients with diseased hearts. These trials assist in positioning Eso-Technologies new device as a safer, less-expensive and easier to use alternative.
The Company has protected its technology with additional intellectual property filings which complement the six patents currently in their portfolio.
The Company will use the recently acquired funds to finalize its prototype design along with developing a new, proprietary patient monitor and software. Within the next year, they will be conducting one additional clinical trial, seeking market approval from the FDA for the new system, and following up on discussions with several large medical device companies to obtain a well-financed partner to establish manufacturing and distribution for this promising new technology.
