Devices & Diagnostics

Minnesota medical device firm ExoStat Medical raises $1.8 million

Eden Prairie, Minnesota-based ExoStat Medical Inc. has raised $1.87 million, according to a recent filing with the U.S. Securities and Exchange Commission. The company makes the MicroStat System, a handheld device with a disposable probe that measures carbon dioxide levels under the tongue. According to the company’s website, this is a far more accurate tool […]

Eden Prairie, Minnesota-based ExoStat Medical Inc. has raised $1.87 million, according to a recent filing with the U.S. Securities and Exchange Commission.

The company makes the MicroStat System, a handheld device with a disposable probe that measures carbon dioxide levels under the tongue. According to the company’s website, this is a far more accurate tool in predicting the potential for septic shock and hemodynamic collapse than measuring blood pressure, body temperature or heart rate. The system, which has been approved by the U.S. Food and Drug Administration, provides the earliest warning and rapidly delivers this data to caregivers charged with diagnosing and managing patients in numerous care settings where sudden blood loss, cardiac arrest, severe infection or rapid fluid changes occur.

These settings are at the point-of-care and include emergency care during patient transport, as well as upon arrival at the hospital; intensive care unit; post-operative recovery units; dialysis centers; and long-term nursing-care facilities. If not treated immediately and sometimes even after treatment, patients suffering from septic shock die. The MicroStat System being an early warning monitoring tool aims to tackle that problem.

The company’s website contends that the market opportunity is more than $600 million. ExoStat Medical has no revenue.

Its director and executive officer, Charles Snead, is based in Scottsdale, Arizona, as is another director, Hayden Fleming. But two other officers — Kent Winger and Chanda Wampler — are based in Minnesota, according to the filing. Snead is director at another Eden Prairie medical technology company called Vasamed, which is at the same location as ExoStat Medical. A Reuters profile of Vasamed showed that in 2008, ExoStat Medical was a wholly owned subsidiary of Vasamed, a penny stock company. But Vasamed’s website doesn’t list MicroStat as a product, or mention ExoStat Medical.

A call to Wampler went to her voicemail at Vasamed.