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PatientSafe Solutions, Inc. Closes $30 Million Financing
Date:2/8/2010

SAN DIEGO, Feb. 8 /PRNewswire/ -- PatientSafe Solutions, Inc., a San Diego-based innovator of patient safety solutions that help to eliminate hospital-based medical errors, announced today that it has closed $30 million in Series B-1 financing. The financing was led by TPG Biotech, the leading science-based venture investment arm of the global private equity firm, TPG Capital. Co-leads for this financing include Camden Partners and Psilos Group, a previous investor. Additional participants in this financing included Valhalla Capital along with previous investors Menlo Ventures, American River Ventures, Integral Capital Partners, and Shea Ventures. The funds will be used to complete development of the company's next generation product and further accelerate the adoption of comprehensive patient safety solutions in the U.S. hospital market.

"We are pleased with the tremendous level of interest in improving patient safety and our vision's ability to attract excellent investors and business partners. These investments provide the necessary resources to meet our goals while advancing our strategy to provide solutions that foster patient safety, patient & family satisfaction, and nurse satisfaction," commented James M. Sweeney, Chairman and CEO of PatientSafe Solutions, Inc.

PatientSafe, formerly known as IntelliDOT Corporation, has been an industry leader in patient safety over the past 7 years, evidenced by the market acceptance and deployment of their first generation product in approximately 90 hospitals across the country. To date, the product has been used to administer over 55 million successful medication passes. The company's next generation product, the PatientTouch System is a revolutionary technology platform that helps hosp
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SOURCE PatientSafe Solutions, Inc.
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