Healthcare Industry News: S Series
News Release - May 20, 2009
Orasi Medical Completes Series B Financing - $3.5M
EDINA, Minn., May 20 -- (Healthcare Sales & Marketing Network) -- Orasi Medical, Inc. announced today that it has completed a $3.5 million Series B financing round.The company will use this capital to expand the development and use of its diagnostic test into the pharmaceutical and clinical markets. Pharmaceutical companies will use this test to determine the efficacy of compounds intended to treat various neurological diseases. Orasi is currently in discussions with several pharmaceutical companies to finalize the structure of these clinical trials and the inclusion of the Orasi test. "In light of the difficult financial markets today we are very pleased with investor response to the Orasi offering. Pharmaceutical companies face a very difficult task in measuring the effect of neurological drugs; the Orasi products provide a novel approach to measuring treatment effect earlier and more accurately than current practice. This round of capital allows the company the opportunity to substantially advance this technology," stated Shawn Lyndon, Orasi's President and CEO. Orasi Medical is a technology spin out from the University of Minnesota co-founded by Shawn Lyndon and Mark Wagner.
About Orasi Medical, Inc.
Orasi Medical, Inc. is a privately held, early stage medical device company engaged in the development and commercialization of technology to diagnose and track the progression of neurological disorders using electrical brain activity. Orasi has developed a novel, quick, patient-friendly test of brain function that allows accurate assessment of disease progression and the effect of neurological treatments. Orasi collaborates with pharmaceutical companies to provide a robust and reproducible measure of drug mechanism, pharmacodynamics, and efficacy.
For more information, visit www.orasimedical.com
Source: Orasi Medical
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