PORTOLA VALLEY, Calif., March 31, 2013 /PRNewswire/ -- Spectros announced today the retention of Woodside Capital Partners International to explore strategic options to accelerate the growth of its proprietary second-generation perfusion monitoring platform. In 2012, revenue from T-Stat sensor sales continued to show double-digit growth. In 2013, the OnCall remote monitoring smartphone application was introduced to allow real-time display of T-Stat data on smartphones at a distance.
"Woodside Capital will assist in refining Spectros' strategic vision, as well as initiating discussions with potential corporate partners to accelerate expansion into areas that require perfusion monitoring solutions superior to the first-generation technology offered by our competition," notes CFO John Bagnatori. "The Company also believes that its broad patent portfolio of solid-state illumination and wireless technologies (30+ issued and 20+ pending patents) provides additional value, such as in the emerging remote patient monitoring market."
Spectros' flagship product, T-Stat®, is the first and only second-generation tissue oximeter on the market in the U.S., Europe, and Asia. T-Stat is the Company's entry into a rapidly growing perfusion monitoring market. Perfusion is the delivery of oxygen to the body's key organs, and is central to many medical conditions. The perfusion monitoring market is currently about $400M/year, with 30% annual growth and expected to grow to over $2B by 2020.
T-Stat's revolutionary broadband sensor relies on a white LED to provide over 260 wavelengths of light, compared to just 2-4 wavelengths found in other devices. Because of its unequaled accuracy and reliability, T-Stat is positioned to displace many first-generation products where a precise perfusion measurement is critical to treatment, including heart failure, plastic and vascular surgery, shock, transplant, trauma, endoscopy, and biopsy.
T-Stat competes with INVOS® by Covidien, FORE-SIGHT® by CAS Medical, and Cerox® by GE / ORNIM. In wound care and reconstructive surgery, T-Stat also competes with T.Ox® by ViOptix, SPY® by Novadaq, and flow monitoring devices by Moore Instruments.
About Spectros
Spectros markets advanced molecular biosensors that shed light on conditions including ischemia and cancer. Spectros is a private venture- and sales-supported concern. The Company's broad second-generation medical sensor technology (30+ patents issued, 20+ pending) have survived multiple patent validity reviews in the US and Europe. Spectros is also now poised to enter the remote patient monitoring market with network-enabled sensors and cloud-based smartphone monitoring apps.
About Woodside Capital Partners
Woodside Capital Partners is a global, independent investment bank that specializes in M&A, capital raising, and strategic partnering services for emerging high-growth companies in the technology and life science sectors. Their reputation is built on deep industry expertise, senior-level attention, and a proven track record of building value for our clients. Their business network encompasses strong relationships with venture capitalists, corporate executives, and entrepreneurs throughout the world.
(Note: Forward-looking statements do not constitute an offer for investment nor a guarantee of future events or returns. Certain applications described above have not been reviewed by the FDA, and are therefore labeled for investigational use only. Market size estimates by Red Herring. T-Stat and OnCall are trademarks of Spectros. OnCall is distributed by Spectros under license. INVOS is a trademark of Somanetics and Covidien, Cerox is a trademark of GE and ORNIM, FORE-SIGHT is a trademark of CAS Medical, T.Ox is a trademark of ViOptix, and SPY is a trademark of Novadaq.)
For further information on Spectros, visit www.spectros.com.
For further information on Woodside Capital Partners, visit www.woodsidecap.com.
SOURCE Spectros; Woodside Capital Partners