Signostics Closes Follow-On Financing of US$4 Million, Expands Board of...( PALO ALTO Calif. July 21 ...)

PALO ALTO, Calif., July 21 /PRNewswire/ -- Signostics Inc., a U.S. and Australian-based medical device company developing groundbreaking personal ultrasound devices, announced today it has raised US$4 million in its latest round of financing, including new investments from Australian-based venture capital firms Brandon Capital Partners, Playford Capital, and Terra Rossa Capital, bringing the total amount raised to US$13 million to date.

Signostics is pioneering a new generation of palm-sized, affordable personal ultrasound devices for point-of-care use by medical practitioners and veterinarians. The company recently obtained U.S. FDA and Australian TGA regulatory clearances and its Signos and SpeqView products also now bear the European CE mark.

"With rising healthcare costs and healthcare spending being re-evaluated, our breakthrough technology creates a much more affordable tool to deliver faster diagnosis at the point of care. Our products have many applications that are attractive in many different markets and the additional capital we raised will help us grow into our key target segments," said Dr. Neil Bartlett, Chief Executive Officer of Signostics.

"In addition, although the current global economic environment has created challenges for most companies to raise sufficient capital, investors believe in our innovative approach to providing significantly more affordable ultrasound technology to clinicians and in our platform's potential to improve patient outcomes with a faster, more accessible diagnostic tool at the point of care," Dr. Bartlett concluded.

The company has also expanded its board of directors, adding four new directors, including David Fisher, Amanda Heyworth, Des Masters and David Shaw.

David Fisher has over 25 years experience in the biotechnology and medical devices sector, including CEO of Peptech L
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