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  • Medical Device Maker Hoana Medical Closes Series C Financing

    December 29th, 2005 No comments

    Medical device maker Hoana Medical closes $10.2M, in an over-subscribed Series C round led by Global Venture Capital (GVC) of Tokyo and other institutional and private investors. Funds raised will support sales and marketing of Hoana’s first product, LG1(TM) Intelligent Medical Vigilance System(TM), designed specifically for the medical-surgical areas of the hospital (also referred to as the general care floor).

    Started in 2002, Hoana has raised over $17.5M through three rounds of financing.

    The LG1 (1) improves patient safety by providing persistent measurement of vital signs and detecting “bed exit,” without touching the patient — a major innovation in patient care, and (2) improves hospital economics by augmenting patient vigilance of the nursing staff, to provide early identification and persistent notification of patients in distress that need help.

    Other factors such as a national nursing shortage, aging population of baby boomers, and growing acuity will accentuate the need for hospitals to enhance patient safety practices, and to adopt patient safety technology.

    Each year 200,000 people die in U.S. hospitals from errors and mistakes. About 20% of these deaths fall into a category of “failure-to-rescue.” Hoana’s “Intelligent Medical Vigilance” intelligently tracks the patient’s breathing and heart rate, and notifies care-givers in the event of a significant or life threatening situation.

    “Intelligent Medical Vigilance addresses the national crisis of patient safety, and provides economic value to hospitals,” states Patrick K. Sullivan, PhD, President of Hoana Medical. “Research and other published studies tell us that building safety systems for patients and hospital staff present huge hurdles, but patient safety is where we see our value, that’s what we’re about.”

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