CASMED Raises $15 Million in Private Placement

CAS Medical Systems CASM today announced that it has closed a private placement with Thomas, McNerney & Partners for the issuance of a combination of a Convertible Preferred Stock and non-voting Exchangeable Preferred Stock for gross proceeds of $15,000,000. The Company intends to use the proceeds to fund its ongoing operating and growth initiatives related to its FORE-SIGHT® Absolute Tissue Oximeter business and its Traditional Monitoring Products segment. Net proceeds of the transaction will be approximately $13.7 million. Roth Capital Partners served as exclusive placement agent for the private placement. "We are thrilled to have a firm of the caliber of Thomas, McNerney & Partners provide us with this critical growth capital," said Thomas M. Patton, President and CEO of CAS Medical Systems. "Their vast experience in the healthcare field and their experience working with emerging companies will enhance our competitive posture going forward. We believe this capital will assist us in achieving our financial goals of long-term growth and profitability."