Developer and manufacturer of medical ventilators VersaMed is in the process of raising $10 million, the hi-tech information provider Dolev & Abramovich is reporting. The company has so far received a $3 million term sheet from an American VC fund.
TheMarker learned the round will be held according to $30 million post-money value, and the company expects to complete it by April of 2002.
Founded in 1994, VersaMed, which develops mobile, compressor free ventilators, received FDA approval for the U.S. marketing of its iVent201 ventilator in 1999. The company has upgraded the device and posted revenues of $3 million from its sales since April of 2001.
VersaMed's clientele consists of medical centers, the Israeli Defense Force being one of its biggest customers.