Intelomed Raises $3.85 Million for Proof of Concept Studies

According to a U.S. Securitues and Exchange Commission filing, Pittsburgh, Pa.-based Intelomed Inc. has raised a further $3.85 million towards the goal of a proof of concept studies evaluating new feature of its CVInsight device. The device is a noninvasive method of detecting in real time if a patient is about to go into cardiovascular collapse or shock. It works like an advanced pulse oximeter, which measures the amount of oxygen in the blood and other metrics that can warn doctors of big problems ahead for the patient before conventional vital signs.

According to President/CEO Frank Amoruso, the funding came from investors, all high-net-worth individuals mostly based outside the Pittsburgh region. The company aimed for $3 million, but received more than anticipated. The proof of concept studies will be used to examine how to reduce hospitalization and risk to patients.

Intelomed, which currently employs 15 people, is also filling at least five posts, including clinical staff, nurse educators and a database administrator. Last year, when the company raised $4 million, its staff numbered nine.

“We’ve been pleased by the capital efficiency that Intelomed has demonstrated, backed up by the existing investors continuing to reinvest at each major inflection point,” said Michael Matesic, CEO of Intelomed’s first investor, Idea Foundry. “Frank’s been able to keep his burn rate down. It’s really a long horizon for medical device companies to get traction in the marketplace.”

Intelomed received initial U.S. Ffood and Drug Administration 510(k) clearance for CVInsight in 2012.