WAYNE, Pa. & LOWELL, Mass.--(BUSINESS WIRE)--InfoBionic™, an emerging digital health company focused on creating superior patient monitoring solutions for chronic disease management, today announced that it has closed the first tranche of a $17 million Series B financing, which was led by Safeguard Scientifics, Inc. (NYSE: SFE). Previous investors—Mass Medical Angels (MA2), Broadview Ventures, TiE, Beta Fund, Boardwalk, Launchpad Venture Group, Cherrystone TCA, HTC, Boynton, and Keiretsu—also contributed to the round. Proceeds from the financing will enable InfoBionic to commercialize its MoMe™ System, a remote patient monitoring platform for cardiac arrhythmia detection, in Europe and the United States.
“This financing marks a significant milestone for our company’s development, expansion and commercialization,” commented Nancy Briefs, CEO of InfoBionic. “We are excited to partner with our current investors as well as Safeguard Scientifics to launch our lead product, the MoMe System, later this year. Specifically, Safeguard has an excellent track record of supporting innovation and building great healthcare and technology companies. We are pleased that they share our vision for this proprietary platform that leverages cloud technology to improve patient monitoring, diagnosis and treatment, ultimately reducing operating and healthcare costs and most importantly, saving lives.”
The MoMe System is the first cloud-based, Multi-pass Analysis universal remote patient monitoring platform that provides unprecedented analytics with seamless transition between Holter, Event, and Mobile Cardiac Telemetry (MCT) monitoring modes in one device. MoMe Kardia is poised to revolutionize the $3B worldwide cardiac monitoring market by delivering superior arrhythmia detection and on-demand access to patient data for diagnosis.
“We are excited to support a team of serial entrepreneurs with significant domain expertise,” stated Al Wiegman of Safeguard Scientifics. “Our constant goal is to identify visionaries who push the boundaries of innovation, operate in large markets and have a compelling growth strategy. We believe the MoMe System has the potential to provide significant value to all key stakeholders—patients, physicians, practices and payers—revolutionizing how cardiac arrhythmias are diagnosed and, in turn, treated.”
As part of this financing, Safeguard Scientifics acquired 20% primary ownership of InfoBionic and Mr. Wiegman will join InfoBionic’s board of directors.
On April 10, InfoBionic’s announcement will be highlighted at the Massachusetts Technology Transfer Center’s (MTTC) 10th Early-Stage Life Sciences Technology Conference X. The meeting will showcase about 20 life sciences technologies developed at the universities, and hospitals of Massachusetts as well as recently formed companies to an audience of angel investors, venture capitalists and corporate investors.
About Safeguard Scientifics
For more than 60 years, Safeguard Scientifics, Inc. (NYSE:SFE) has been synonymous with entrepreneurship and innovation. Founded in 1953 and based in the Greater Philadelphia area, Safeguard has a distinguished record of building market leaders by providing capital and operational support to entrepreneurs across an evolving and innovative spectrum of industries. Today, Safeguard targets healthcare companies focusing on medical technology, healthcare technology and specialty pharmaceuticals and technology companies focusing on financial technology, internet and digital media, and Enterprise 3.0. www.safeguard.com.
InfoBionic™ Inc. is an emerging digital health company that is dedicated to providing anywhere, anytime access to cardiac event monitoring with improved event detection and clinical efficacy through a lower cost business model. InfoBionic’s MoMe™ System offers superior remote patient monitoring for chronic diseases with an initial market focus on cardiac arrhythmias. For more information please visit www.infobionic.com.
Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the deployment of capital, the fact that our partner companies may vary from period to period, our substantial capital requirements and absence of liquidity from our partner company holdings, fluctuations in the market prices of our publicly traded partner company holdings, competition, our inability to obtain maximum value for our partner company holdings, our ability to attract and retain qualified employees, market valuations in sectors in which our partner companies operate, our inability to control our partner companies, our need to manage our assets to avoid registration under the Investment Company Act of 1940, and risks associated with our partner companies, including the fact that most of our partner companies have a limited history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s partner companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.