Ultrasound Sensor Specialist Novosound Inks Deal With Nasdaq-listed PAVmed Inc. to Advance Intravascular Imaging Technology

Rhea-AI Summary

Novosound has signed a commercial partnership with PAVmed to enhance intravascular imaging technology, accelerating its expansion into North America. The agreement follows Novosound's successful £3.7 million investment round, led by Par Equity and supported by Foresight Group and others. CEO Lishan Aklog emphasizes the potential of Novosound's ultrasound technology as revolutionary for medical imaging. Additionally, Novosound plans to showcase its wireless ultrasound platform at CES 2023 in Las Vegas, highlighting its growing presence in the healthcare sector.

Positive

• Secured a £3.7 million investment led by Par Equity, indicating strong financial backing.
• Partnership with PAVmed enhances Novosound's position in the healthcare market and supports North American expansion.
• Demonstrated success with international contracts, including with BAE Systems and GE Aviation.

Negative

• None.

- PavMED agreement furthers Novosound’s move into healthcare, and its regional expansion into North America

- Lishan Aklog, M.D., Chairman and Chief Executive Officer of PAVmed: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging”

- Novosound has secured a £3.7m investment led by Par Equity, supported by Foresight Group, Kelvin Capital, and Scottish Enterprise

GLASGOW, Scotland--(BUSINESS WIRE)-- Ultrasound sensor specialist Novosound has signed a commercial partnership agreement with PAVmed Inc., the Nasdaq-listed diversified medical technology company, to develop technology aimed at advancing intravascular imaging. The PAVmed agreement furthers Novosound’s move into healthcare, and its regional expansion into North America.

Left to right are Dave Hughes (Novosound) and Lishan Aklog (PAVmed) (Photo: Business Wire)

Dave Hughes, CEO and Co-Founder of Novosound, said: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health - the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”

Lishan Aklog, M.D., Chairman and Chief Executive Officer of PAVmed, said: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging. We are excited to partner with Novosound with the goal of revolutionising the global intravascular imaging market.”

Novosound recently secured its latest investment, a £3.7 million round led by Par Equity, supported by Foresight Group (via the Foresight Williams Technology EIS Fund), Kelvin Capital, and Scottish Enterprise.

Paul Munn, Partner, Par Equity, said: “Novosound has developed best-of-class remote sensor technology that is applicable across multiple sectors, the company continues to rack up international business wins including most recently with PAVmed, and Par is pleased to continue to support Dave and his team in the months and years ahead.”

Novosound’s patented thin-film manufacturing process, which eliminates conventional limitations in ultrasound sensors including the high cost of high-resolution imaging, also underpins the company’s pioneering non-destructive testing (NDT) products - the Kelpie, Belenus, and Nebula.

The company has announced a series of international contract wins over the last twelve months, including with aerospace groups BAE Systems and GE Aviation, and Israeli-based digital health company dSound.

Novosound will be exhibiting its wireless wearable ultrasound platform at CES 2023 in Las Vegas between 5-8 January.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221221005243/en/

Nick Freer

Freer Consultancy

nick@freerconsultancy.com

Source: Novosound

FAQ

What is Novosound's recent partnership announced in December 2022?

Novosound announced a commercial partnership with PAVmed to develop advanced intravascular imaging technology.

How much funding did Novosound secure in its latest investment round?

Novosound secured £3.7 million in its latest investment round, led by Par Equity.

What market is Novosound targeting with its ultrasound technology?

Novosound is targeting the healthcare market, specifically advancing intravascular imaging technology.

Where will Novosound exhibit its technology in January 2023?

Novosound will exhibit its wireless wearable ultrasound platform at CES 2023 in Las Vegas.

Which companies are mentioned as Novosound's international clients?

Novosound has secured contracts with BAE Systems and GE Aviation, among others.