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Financings in Brief: Poly U/A Systems Inc./IRIS

This article was originally published in The Gray Sheet

Executive Summary

Poly U/A Systems Inc./IRIS: PSI completes $2.6 mil. private financing to fund development of new urinalysis products in a joint program with International Remote Imaging Systems. IRIS has committed about $500,000 of its own funds to the program. Products to be developed will be based on IRIS' technology and are expected include both "stand-alone products and enhancements to the IRIS flagship product, The Yellow IRIS urinalysis workstation," IRIS says. Under terms of the deal, newly formed Chatsworth, California-based PSI will have the right to sell stand-alone products developed through the program; IRIS will have the right to incorporate the new products into The Yellow IRIS. IRIS will conduct R&D, clinical evaluation and pre-market testing. The first product introduction from the joint program is expected in 1997.
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