Minnesota start-up OnPoint Medical Diagnostics, which has been seeking $5 million for more than a year, has now managed to raise $958,800, according to a recent amended regulatory filing.
The company did a reverse merger with Vertical Health Solutions, a Florida corporation in April, 2011, becoming its wholly owned subsidiary, thereby separating itself from a stumbling incubator which gave it life.
The company’s technology was developed inside Mayo Clinic before Mayo licensed it to the company. OnPoint’s software automates a mandatory accreditation process required of hospitals and imaging centers to get federal reimbursement for MRI scans.
The CEO of Vertical Health Solutions is William Cavanaugh and one of its directors is Minnesota real estate mogul Gus Chafoulias, who started the incubator and licensed the MRI quality assurance technology from Mayo.
[Photo Credit: Pile of Money from Big Stock Photo]
