ElectroSonics Medical, which is developing ear and lung medical devices, is hoping to raise $2 million in equity, according to a regulatory filing.
Cleveland-based ElectroSonics formed in 2007, after Greatbatch (NYSE: GB) acquired its predecessor, device maker Biomec, for $11.4 million. ElectroSonics was founded to commercialize two technologies that weren’t included in the acquisition.
The first device used ultrasonic waves to noninvasively detect fluid in the inner ear. The device would also measure the viscosity of inner fluid, which has been linked to the level and type of ear infection. The device could reduce unnecessary prescribing of antibiotics for ear infections, according to the company.
The second device was used to noninvasively detect a pneumothorax, or collapsed lung.
ElectroSonics’ president Bob Purcell didn’t respond to an email.
ElectroSonics is the parent of two companies that have been set up to develop the devices: OtoSonics (the ear device) and PneumoSonics (the lung device).
ElectroSonics’ chairman and CEO is Trevor Jones, who previously led Biomec. Jones is a life member of the National Academy of Engineering and one of the first lifetime associate members of the National Academy of Science’s National Research Council.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The minimum investment amount for ElectroSonics’s equity offering is a little more than $100,000, according to the regulatory document.
Below is a video showing background on the collapsed lung device.
