Healthcare Industry News: Convertible Ultrasound
News Release - March 12, 2007
ZONARE Medical Systems Announces Additional Funding for Revolutionary Zone Sonography(TM) TechnologyWorld's First Convertible Ultrasound(TM) Platform Spurs Significant Growth
MOUNTAIN VIEW, Calif., March 12 (HSMN NewsFeed) -- ZONARE Medical Systems, Inc., a developer of next-generation ultrasound technology, announced today that the company is closing additional equity funding, representing approximately $15 million. Based on patented Zone Sonography(TM) technology, ZONARE Medical Systems introduced the world's first and only Convertible Ultrasound(TM) platform which is now installed in hundreds of healthcare facilities.
"We have experienced excellent growth since shipping our first z.one system eight quarters ago," said Donald Southard, president and chief executive of ZONARE. "These funds will be used to finance further technology advances and customer support for this revolutionary technology. In fact, we are now introducing the z.one ultra system, our newest generation of Zone Sonography technology, providing yet another option for our customers' imaging needs."
The Series G financing was led by existing investors Frazier Healthcare, 3i, Mosaix Ventures and CB Health Ventures. Other investors in this round included Draper Fisher Jurvetson, Ascension Health Ventures, Kaiser Permanente Ventures and several other existing investors.
Nader Naini, ZONARE Board member and general partner at Frazier Healthcare Ventures, ZONARE's largest investor, said, "Based on the impact of ZONARE's revolutionary technology on the ultrasound industry and its significant growth in market share, we are excited about the Company's future and are committed to investing the necessary resources to fuel continued growth and market expansion. We are confident that the recent patent infringement lawsuit filed against the Company is without merit and we fully support management in its efforts to vigorously defend ZONARE's intellectual property rights."
Representing one of the most significant ultrasound breakthroughs in decades, Zone Sonography technology enabled ZONARE Medical Systems to bring the first Convertible Ultrasound platform to the industry with superb image quality at a substantial price to value ratio. Clinicians are able to instantly convert the z.one platform from a full-featured, cart-based ultrasound system into a premium compact ultrasound system. With all the performance of substantially larger and more expensive systems, the z.one platform provides greater portability and clinical flexibility than conventional systems.
The z.one software-based architecture ensures that its performance will increase as improvements in processing power become available. This allows for fast, convenient upgrades, keeping clinicians at the forefront of diagnostic capabilities as well as protecting their investment. Software upgrades can be downloaded via the internet.
According to The Medical Diagnostic Ultrasound Market in the USA, published in April of 2006 and which covers annual industry trends, ZONARE's z.one system is the beginning of a new wave of convertible systems. The report is published annually by the ultrasound industry's leading analyst, Harvey Klein of Klein Biomedical Consultants (KBC).
"As the power of Zone Sonography technology propels significant advances in the performance of the z.one system, acceptance of ZONARE's Convertible Ultrasound platform continues to grow," said Southard. "We believe this highly scaleable technology brings an exceptional value to the clinician, both economically and clinically. We look forward to the ongoing growth of worldwide z.one system installations."
About ZONARE Medical Systems
ZONARE Medical Systems, Inc. designs, develops, and manufactures premium compact performance ultrasound solutions, which combine revolutionary technology with an innovative physical design. Zone Sonography technology, ZONARE's unique patented approach to ultrasound imaging, is focused on bringing the highest performance to all clinical settings, leading to advanced diagnostic capabilities, more cost effective operation and increased value to providers. For more information, please visit our web site at www.zonare.com.
Source: ZONARE Medical Systems
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