Wearable biometric diagnostic patch company VitalConnect has closed a $20 million senior secured term loan with Oxford Finance, according to a press release from the finance firm.
VitalConnect produces the VitalPatch wearable biosensor, as well as its VitalConnect Platform to enable monitoring of the patch’s sensor data.
The company’s devices can return multiple measurements in a single biosensor patch, including single-lead ECG data, heart rate, RR interval, heart rate variability, respiratory rate, skin temperature, body posture, fall detection and activity including steps, according to the company’s website.
“VitalConnect’s technology enables healthcare providers to improve both the quality and efficiency of patient care. Oxford is excited to support VitalConnect in its mission to improve patient outcomes and reduce healthcare costs by providing the healthcare community with a clinical-grade wearable biosensor that enables high-quality and continuous, patient monitoring typically found in acute-care units,” Oxford Finance senior managing director Christopher Herr said in a prepared statement.
Funds from the secured term loan will be used to support further commercialization of its VitalConnect solution system for both hospitals and remote patient monitoring markets.
“VitalConnect is focused on delivering solutions that save lives and improve patient care – providing data and analytics that will improve care decisions when it matters most. The expanded debt facility provided by Oxford Finance in addition to our recent funding raise will allow us to continue to focus on these goals by expanding our commercial footprint and while accelerating our pipeline development,” VitalConnect’s CEO Nersi Nazari said in a press release. Look at our best loan rates Homepage to figure out what loan method and package is best for you.
Earlier this month, VitalConnect said it raised $38 million in its fourth and final Series C closing, with funds slated to support the launch of its VitalConnect platform and VitalPatch wearable.