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PhysioSonics, Inc. Closes $4.0 Million Investment
SEATTLE--(Business Wire)-- PhysioSonics, Inc., an innovator of noninvasive neurologic products, announced today the first close of its Series A financing with an investment from Johnson & Johnson Development Corporation (JJDC). This funding brings the total Series A raised to over $4.0 Million. The company will use these funds for commercialization of their first product. "We are excited to work with JJDC and the Johnson & Johnson companies as we commercialize our technology," says Brad Harlow, President & CEO of PhysioSonics Additionally, PhysioSonics partnered with Verasonics, a Redmond, Washington developer of ultrasound software, just prior to this financing. Common shares in PhysioSonics were granted to Verasonics to create a larger technology and intellectual property base from which to commercialize noninvasive neurologic products. This partnership was formed for the development and commercialization of new products utilizing a combination of both companies' respective technologies and intellectual property resources. "It is gratifying to see continuing progress and validation of our years of effort", added Robert Frederickson, PhD, Chairman of the company. About PhysioSonics, Incorporated PhysioSonics, formerly known as Allez PhysiOnix, is a privately held company, founded in 2000 with technology developed at the University of Washington. The company has developed and patented a number of new technologies including an ultrasound-based technology to provide a transcranial Doppler (TCD) neuromonitor. Its founders include Robert Frederickson Ph.D., Michel Kliot M.D., Pierre Mourad, Ph.D., and Jeffrey Jarvik, M.D., MPH. Verasonics is a privately held company located in Redmond, Washington. Verasonics was founded in 2002 to advance medical ultrasound technologies. The company has developed unique ultrasound architecture and software with certain applications in PhysioSonics' field of interest. Its founders include Ron Daigle, Ph.D and Lauren Pflugrath. About Johnson & Johnson Development Corporation Organized in 1973, Johnson & Johnson Development Corporation (JJDC) is the venture capital subsidiary of Johnson & Johnson (NYSE:JNJ). JJDC makes private equity investments in venture funded health care companies. Portfolio companies include those in the fields of pharmaceuticals, biotechnology, medical devices, diagnostics and consumer products. JJDC also leads and manages internal investments in selected promising technologies. PhysioSonics Brad Harlow, President & CEO 206-336-5566 Email: firstname.lastname@example.org Copyright Business Wire 2008