MediBeacon™ Inc. Enters into Agreement for $22.4 Million Investment to Bring Breakthrough Noninvasive Real-Time Kidney Monitoring to Market
Proprietary Optical Renal Function Monitor recently completed first human clinical trials
ST. LOUIS, Aug. 26, 2015 /PRNewswire/ -- St. Louis-based MediBeacon™ Inc., maker of a proprietary noninvasive real-time monitoring system for kidney function, announced it has entered into an agreement with Pansend LLC. Pansend, an indirect wholly owned subsidiary of HC2 Holdings, Inc. (NYSE MKT: HCHC), has agreed to provide $22.4 million in staged financing.
The MediBeacon system uses an optical skin sensor combined with a proprietary agent that glows in the presence of light. It provides clinicians continuous real-time monitoring of a patient's kidney function. MediBeacon recently completed initial human clinical trials.
Dr. Steve Miller, chief medical officer of Express Scripts and member of MediBeacon's scientific advisory board stated, "Delayed and imprecise estimates of kidney function are problematic both in clinical practice and in drug development. MediBeacon's ability to provide noninvasive, real-time kidney function measurement could profoundly impact both the quality and cost of patient care."
"Without financial backing, some of the miracles of modern medicine would not be here today," said Philip Falcone, HC2 Chairman, President and Chief Executive Officer. "We look forward to supporting MediBeacon management in bringing this transformational technology into medical practice." David Present, MD, and Cherine Eldumiati Plumaker of Pansend will join MediBeacon Inc.'s Board of Directors.
MediBeacon's extensive portfolio of light-activated agents is the foundation for a pipeline of potential medical innovations. Application of MediBeacon technology in gastrointestinal disease is being pursued collaboratively at Washington University School of Medicine in St. Louis with funding from the Bill & Melinda Gates Foundation.
"Our focus is helping clinicians improve patient outcomes," said Steven J. Hanley, MediBeacon's CEO. "With Pansend's investment, we're one step closer to making it a reality."
MediBeacon's investors include Jump Capital, St. Louis BioGenerator, Missouri Technology Corporation, the Helix Fund, and the St. Louis Development Corporation.
RM Global Partners LLC advised MediBeacon on the financing.
About MediBeacon Inc.
MediBeacon was cofounded in 2012 by Steven J. Hanley and Dr. Richard B. Dorshow to acquire the optical diagnostics and therapeutics program from Mallinckrodt. Mr. Hanley, former President of Covidien Mallinckrodt's Imaging Solutions business unit, is MediBeacon's CEO. Dr. Dorshow, who established and led development of the optical diagnostics and therapeutics program at Mallinckrodt, is MediBeacon's Chief Scientific Officer. The company holds numerous patents on its light-activated agents, which are the foundation of MediBeacon's technology platform. Learn more about MediBeacon at www.medibeacon.com.
About HC2 Holdings, Inc.
HC2 Holdings, Inc. is a publicly traded (NYSE MKT: HCHC), diversified holding company, which seeks to acquire and grow attractive businesses that generate sustainable free cash flow. HC2 has a diverse array of operating subsidiaries across a broad set of industries, including, but not limited to, telecom/infrastructure, large-scale U.S. construction, energy, subsea services and life sciences. HC2 seeks opportunities that generate attractive returns and significant cash flow in order to maximize value for all stakeholders. Currently, HC2's largest operating subsidiaries are Schuff, a leading structural steel fabricator in the United States, and Global Marine, a leading global offshore engineering company focused on subsea cable installation and maintenance. Founded in 1994, HC2 is headquartered in Herndon, Virginia.
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