Navigation Links
Patient Safety Technologies, Inc. Closes $7.1 Million Common Stock Offering
Date:3/31/2011

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 www.surgicountmedical.com.

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:
*Name:
*Comment:
*Email:
(Date:6/24/2016)...   Bay Area Lyme Foundation , collaborating ... for Tick Borne Illness , Harvard Medical School ... Medicine, University of California, Berkeley, and the Veterans ... finalists of Lyme Innovation , the first ... scientists, clinicians, researchers, entrepreneurs, and investors from several ...
(Date:6/24/2016)... Research and Markets has ... 2015-2025: Applications, Technologies, Forecasts" report to their ... Electronics, Smart Skin, Structural Health Monitoring, Composite Smart ... electronics involves electronic and/or electrical components and circuits ... structures such as vehicle bodies or conformally placed ...
(Date:6/24/2016)... , June 24, 2016 Dehaier Medical ... the "Company"), which develops, markets and sells medical devices ... , signed a strategic cooperation agreement with Hongyuan ... "Hongyuan Supply Chain") on June 20, 2016, to develop ... the strategic cooperation agreement, Dehaier will leverage Hongyuan Supply ...
Breaking Medicine Technology:
(Date:6/26/2016)... NC (PRWEB) , ... June 26, 2016 , ... Brent Kasmer, a legally blind and ... to be personalized through a fitness app. The fitness app plans to fix the two ... currently only offer a one size fits all type program , They don’t ...
(Date:6/25/2016)... Washington, D.C. (PRWEB) , ... June 25, 2016 ... ... will discuss health policy issues and applications at AcademyHealth’s Annual Research Meeting June ... share their work on several important health care topics including advance care planning, ...
(Date:6/25/2016)... Miami, FL (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton ... Plant City Observer , brings up a new, often overlooked aspect of head lice: ... The closing for fumigation is not a common occurrence, but a necessary one in the ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding ... of its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. ... James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. ... from injury. Recently, he has implemented orthobiologic procedures as a method for treating ... one of the first doctors to perform the treatment. Orthobiologics are substances that ...
Breaking Medicine News(10 mins):