Spectros Retains Woodside Capital Partners To Explore Strategic Expansion Options
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.
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