The financing will provide the company adequate initial funding to start the roll-out of its thermal imaging systems that detect early signs of pressure ulcers among patients that are bed-ridden.
However, the company will need additional capital to implement its first installations, in which the company is in final stages of agreement with private equity firm, Fairhills Capital, who earlier signed a letter of intent for up to $1 million in equity funding.
The company has developed its thermal imaging system for various applications. The TMI technology and software has been approved by the FDA as an adjunctive diagnostic screening procedure for early breast cancer detection, differential diagnoses of pain dysfunctions, for the early detection of pressure ulcers, deep tissue injuries, and bedsores, as well as for orthopedic applications.
John Antonio, CEO of Wellstar, said: “We are pleased with the confidence that our newest investor has placed in our ability to reach our next milestone. Our goal is simple; we want to provide the healthcare industry with a critical tool that will help them save lives and curtail potential liability by simply detecting the pressure ulcers before its outbreak.”