Navigation Links
Patient Safety Technologies, Inc. Closes $7.1 Million Common Stock Offering

IRVINE, Calif., March 31, 2011 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company") (OTC Bulletin Board: PSTX) today announced the closing of a $7.1 million common stock financing.  The investors, led by a new institutional investor, together with several existing shareholders and certain members of senior management, purchased 9.48 million shares of common stock at a price of $0.75 per share.  Proceeds from the offering will be used for general corporate purposes including investing in the continued market penetration of the Company's core offering, the SurgiCount Safety-Sponge® System, a solution proven to improve patient outcomes and reduce healthcare costs by preventing one of the most common errors in surgery, retained surgical sponges.

"After successfully implementing an aggressive cost reduction and restructuring initiative last year, the subsequent goal of this new management team was to properly capitalize the company to help us achieve our growth objectives.  This offering will help us continue to execute our growth plans and positions us well to accelerate our market expansion and new product development," said Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies.

Given the substantial improvement to the Company's liquidity from this offering and the proximity of the offering to the normal due date of Company's annual report on Form 10K for the fiscal year ended December 31, 2010, the Company also announced today that it intends to file a Form 12B-25 to allow the Company additional time to evaluate the impact of the offering on its financial position.  The Company expects that it will comply with SEC's Rule 12B-25 and accordingly that it will be deemed timely in the filing of its Form 10K.

About Patient Safety Technologies, Inc. and SurgiCount Medical

Patient Safety Technologies, Inc., through its wholly owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a proprietary solution shown to help improve patient safety and reduce health care costs by preventing one of the most common errors in surgery, retained foreign objects.  For more information, contact SurgiCount Medical, Inc. at (949) 387-2277 or visit

Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995.  In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  These factors, risks and uncertainties are discussed in Patient Safety Technologies, Inc. Annual Report on Form 10-K for the year ended December 31, 2009, as updated from time to time in our filings with the Securities and Exchange Commission.

SOURCE Patient Safety Technologies, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Effient® Added to Updated ACCF/AHA Clinical Guidelines for ACS-PCI Patients with Unstable Angina and Non-ST Segment Myocardial Infarction
2. Promidian Survey Finds Growing Support for Patient-Centered Medical Home
3. Newtech, Inc., a Leading Chinese EMS Patient Monitoring Company, Partners With Masimo to Incorporate rainbow® SET Noninvasive Measurement Capabilities Into New Patient Monitors
4. Detroit Medical Center Becomes First in Southeast Michigan to Study an Implantable Device, Designed to Reduce Patient Time to the ER and Improve Survival Rates From Heart Attack in High-Risk Patients
5. Torrance Dentist, Dr. Robert Mondavi, Now Uses Digital X-Rays for Comfort and Safety of the Patients
6. Optimer Pharmaceuticals Announces Presentation at Upcoming SHEA Annual Meeting Regarding Hospital CDI Patients at Risk of Recurrence and Mortality
7. New Studies Show Clinical Advantages of Masimo Noninvasive Hemoglobin, PVI, and Perfusion Index in Critically-ill Patients
8. Gateway to Hope: Missouri Nonprofit Leads the Fight against Breast Cancer by Providing Donated Medical and Surgical Care at No Cost to Patients
9. Data Published in the Journal of Interventional Cardiology Demonstrate Effectiveness and Safety of OrbusNeichs Genous™ Stent in Diabetic Patients
10. GeNO LLC Initiates Study of Inhaled NITROSYL™ Nitric Oxide in Idiopathic Pulmonary Fibrosis (PH-IPF) and Pulmonary Arterial Hypertension (PAH) Patients
11. National Nasal Allergy Survey Reveals Unmet Needs Still Exist Among Patients Living With Allergic Rhinitis
Post Your Comments:
(Date:6/24/2016)... June 24, 2016  Global Blood Therapeutics, Inc. (GBT) ... developing novel therapeutics for the treatment of grievous ... the closing of its previously announced underwritten public ... the public offering price of $18.75 per share. ... offered by GBT. GBT estimates net proceeds from ...
(Date:6/24/2016)... 24, 2016 Research and ... "Structural Electronics 2015-2025: Applications, Technologies, Forecasts" report ... In-Mold Electronics, Smart Skin, Structural Health Monitoring, ... Structural electronics involves electronic and/or electrical components ... replacing dumb structures such as vehicle bodies or ...
(Date:6/24/2016)... ANDOVER, Mass. and SAN CLEMENTE, Calif. ... California -based mobile pulmonary function testing company, is now ... portable PFT devices developed by ndd Medical Technologies , Inc. ... PFT testing done in hospital-based labs.  Thanks to ndd,s EasyOne PRO ... CA , can get any needed testing done in the ...
Breaking Medicine Technology:
(Date:6/27/2016)... ... June 27, 2016 , ... TherapySites, ... its affiliation with Tennessee Counseling Association. This new relationship allows TherapySites ... Tennessee Counseling Association, adding exclusive benefits and promotional offers. , "TCA is extremely ...
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A Forever ... Cereal Festival and World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation ... as home to some of the world’s leading providers of cereal and other breakfast ...
(Date:6/25/2016)... ... June 25, 2016 , ... ... and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes ... important health care topics including advance care planning, healthcare costs and patient and ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... As a ... Magna Cum Laude and his M.D from the David Geffen School of Medicine at ... returned to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars ...
(Date:6/24/2016)... ... June 24, 2016 , ... Those who have experienced ... feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as a ... has released tools for healthy coping following a traumatic event. , Trauma sufferers tend ...
Breaking Medicine News(10 mins):