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PSI Medical

This article was originally published in The Gray Sheet

Executive Summary

Completes a $4.8 mil. equity financing, which the firm will use for working capital. Six venture capital investors, including the firm's three initial backers, provided funding for the deal. PSI has also reached a $750,000 debt financing agreement with Connecticut Innovations, which is part of the Connecticut Department of Economic Development. In November 1992, PSI began international marketing of its EMI-Lith intracorporeal lithotripsy system, which is comprised of fragmentation, irrigation and vision systems. The Shelton, Connecticut-based firm sells the system for approximately $55,000 and has received approximately $1 mil. in overseas orders since marketing began. The company currently is responding to FDA questions about a component of the fragmentation system, the EMI probe, for which the firm submitted a 510(k) in January 1992. PSI also is awaiting FDA clearance of its Flo-Mate hand pump, a component of EMI-Lith's vision segment. PSI submitted a 510(k) for the device in December 1991.

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