Philadelphia medical device developer Strados Labs raised $1.93 million in a private stock sale.
Strados founder and CEO Nicholas Delmonico could not be reached for comment on the company's plans for the funds.
The financing was disclosed in documents the company filed with the Securities and Exchange Commission.
In December, Strados received Food and Drug Administration marketing clearance for its flagship product called the RESP system, a lung sound monitor and connected platform.
The technology, also known as an e-stethoscope, enables doctors to identify abnormal breathing patterns remotely from anywhere and at any given time.
The RESP system is about the size of a half dollar and features a non-invasive sensor that can be worn by a person on the chest or back. It is designed to passively and continuously collect data in real time, which allows care teams to more effectively manage and monitor high-risk patients remotely.
Strados raised $1.3 million from private investors in 2019, and has now raised more than $5 million since its inception. Its backers include Princeton-based venture capital firm SOSV, Ben Franklin Technology Partners of Southeastern Pennsylvania, and Cathexis Ventures of Houston.
In an interview with the Business Journal earlier this year, Delmonico said the company is seeking a CE Mark so it can market the product on a more global scale.
Delmonico also said the company plans to raise $10 million in 2022 to expand staff and pursue clinical applications for its technology, including telehealth and home health care. Strados now has about a dozen employees.
The company's platform is being used primary by academic researchers and, since receiving FDA clearance, by researchers at pharmaceutical companies working on experimental therapies for respiratory ailments.
