A Halifax-based medical technology company has closed a $4 million round of financing with a syndicate of international and regional investors. Innovacorp and Canadian International Capital Inc. participated in the current offering as follow-on investors.
"This capital injection will support corporate growth by enabling us to accelerate our product rollout in the European marketplace," said Scott Campbell, CEO of Medusa Medical Technologies Inc. “The local investment funds were essential to helping us leverage investment from outside Atlantic Canada.”
Medusa develops and markets software for Emergency Medical Service (EMS) providers such as ambulances and first responder fire departments. The company’s SIREN System is an electronic patient care reporting (ePCR) system. Using finger touch-screen technology, SIREN enables paramedics to electronically capture patient information at the scene of an emergency and wirelessly transfer it to clinical and operational staff for in-depth data assessment, management and reporting.
“Most EMS providers are still using a paper-based system. Our technology has the potential to enhance patient care as a result of more accurate, complete and rapid patient data collection and management,” said Campbell. “In addition to improved patient care, the product also reduces operating costs and improves operational performance of our customers.”
Medusa has a distribution agreement with Medtronic Inc. focused on the North American market. Medtronic Emergency Response Systems (MERS) is the leader in pre-hospital cardiac management. Medtronic has more than 34,000 employees and a worldwide market share of approximately 70 per cent of pre-hospital defibrillation devices sold.
Medusa also has a contract with a global management consulting and technology services company to provide the solution to 1500 ambulances in the eastern part of England. This project is part of a major contract to provide data management software to the health care system covering approximately 40 per cent of England.
“This financing will enable Medusa to expand its market share and execute its business plan of becoming a leading supplier of electronic patient care reporting software to the pre-hospital market,” said Glen Dexter, chair of Medusa. “We are very pleased to welcome the new investors to Medusa and look forward to their involvement with the company. We are also grateful for the ongoing support of long-standing shareholders like Innovacorp."
“The fact that Medusa established a partnership with Medtronic early in its development speaks to the strength of Medusa’s technology and team and was an important step in building its North American franchise over the last few years,” said Ben Forcier, Innovacorp’s vice president of investment. “We are pleased to see that Medusa has now secured new investors, including private equity partners from the UK and the United States, as it continues to implement its solution in Europe.”
About Medusa Medical Technologies Inc.(WWW.MEDUSAMEDICAL.COM)
Located in Halifax, Nova Scotia, Medusa develops and markets software for Emergency Medical Service (EMS) providers such as ambulances and first responder fire departments. The company’s SIREN System is an electronic patient care reporting (ePCR) system. Using finger touch-screen technology, SIREN enables paramedics to electronically capture patient information at the scene of an emergency and wirelessly transfer it to clinical and operational staff for in-depth data assessment, management and reporting. Medusa has an established clientele in North America and the United Kingdom.
About Innovacorp (WWW.INNOVACORP.CA)
Innovacorp helps early stage Nova Scotia companies commercialize their technologies and succeed in the global marketplace. The organization’s High Performance Incubation (HPi)TM business model is recognized locally and internationally as a "best practice" technology commercialization approach. The model comprises three interwoven resources - incubation infrastructure, business mentoring and seed/venture capital investment - to help entrepreneurs overcome traditional hurdles to business growth.
About Canadian International Capital Inc.
Canadian International Capital Inc. develops, markets and manages investments related to immigration. The company is also involved in real estate development and, through its investment in Medusa, software development.
For more information, please contact:
Scott Campbell, CEO
Medusa Medical Technologies
Halifax, Nova Scotia, August 28, 2006