Fundraising boost for Diametrics Medical:
This article was originally published in Clinica
Diametrics Medical, based in St Paul, Minnesota, has raised $1.5m through the placement of preferred stock and a five-year warrant with Mercator Advisory Group and affiliated funds. The proceeds will be used to fund the expansion of Diametrics' FDA-approved TrendCare continuous blood gas monitoring system business. The company sold its intermittent testing business to Thoratec unit International Technidyne last autumn, providing the company with much-needed funding and narrowing its business focus to continuous monitoring. Also last year, Diametrics renegotiated a distribution agreement with Philips Medical Systems, and began to set up its own direct sales force.