SEVERNA PARK, Md., Nov. 29, 2012 /PRNewswire/ -- Medical technology company, iSonea Ltd. (ASX: ISN;OTCQX: ISOAY) today announced that it has raised $4.04 million in a renounceable rights issue that was fully underwritten by Patersons Securities Limited. Coupled with a recent investment of $1.05 million from renowned Australian investor Bruce Mathieson (Investment Holdings Pty Ltd), iSonea has raised more than $5 million in new capital since August 2012, which will allow the company to focus on delivering AirSonea™ as a commercial-stage medical device in the second half of 2013.
AirSonea is a smartphone app-based wheeze monitoring technology powered by iSonea's acoustic respiratory monitoring (ARM™) sensors and analytical software in combination with the AsthmaSense™ smartphone app. AirSonea will run on iPhone and Android platforms, enabling anyone, anywhere, at any time to conveniently monitor asthma events and take appropriate action to control the condition.
"The recent infusion of capital reflects strong investor confidence in iSonea's ability to establish a leadership position in the global explosion of mobile health disease management products and services," said Michael Thomas, CEO of iSonea, Ltd. "This financing will allow us to continue to support upgrades to our popular AsthmaSense™ app and accelerate development of AirSonea, a revolutionary approach to asthma monitoring that will allow a smartphone to function as a personal asthma monitoring device."
In the United States alone, 25 million people have asthma, according to the Centers for Disease Control (CDC). The CDC also estimates the cost burden in the U.S. alone exceeds $56 billion annually, as poorly controlled asthma is associated with increased emergency room visits, hospitalizations and medical costs. The World Health Organization estimates that there are more than 250,000 deaths globally from poorly controlled asthma every year. The medical community's guidelines, including those from the Global Initiative for Asthma (GINA) and the National Heart, Lung, and Blood Institute (NHLBI), state that regular monitoring of breathing symptoms is necessary to improve medication compliance and successful long-term management of asthma. It is also recommended that all people with asthma have an asthma action plan developed with their doctor to help control their asthma.
About iSonea Limited
iSonea Limited (ASX: ISN;OTCQX: ISOAY) is an emerging medical technology company developing innovative, non-invasive devices and mobile health apps to improve the management of chronic, costly respiratory disorders such as asthma and COPD. By leveraging iSonea's proprietary Acoustic Respiratory Monitoring™ (ARM) technology with its AsthmaSense™ mobile applications, iSonea is turning smartphones into medical devices—enabling anyone, anywhere, at any time to monitor breathing distress symptoms, in order to take action. iSonea's ARM devices have been cleared for use by the U.S. Food and Drug Administration, the Australian TGA and the European Union CE. For more information, please visit www.soundasthma.com.
Forward Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on iSonea's current expectations, estimates and projections about the industry in which iSonea operates, and its beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance" and similar expressions are intended to identify forward-looking statements and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those risks or uncertainties inherent in the process of developing technology and in the endeavour of building a business around such products and services. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of iSonea, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. iSonea cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of iSonea only as of the date of this release. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. iSonea will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
SOURCE iSonea Limited