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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Fogarty Innovation Graduate Raydiant Oximetry Raises $5 Million in Oversubscribed Series A2 ...

November 2, 2021 GMT

MOUNTAIN VIEW, Calif. and SAN RAMON, Calif., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Fogarty Innovation, a nonprofit educational incubator for medical technology companies, announced today that its graduate, Raydiant Oximetry, Inc., has raised an oversubscribed round of $5 million Series A2 financing. The funding was led by Avestria Ventures, which invests in early-stage women’s health companies, and syndicated by KOFA Healthcare, V-Capital, Band of Angels, FemHealth Ventures, RHIA Ventures and SteelSky Ventures.

Raydiant Oximetry is a clinical-stage medical device company focused on improving women’s and neonatal health. Its innovation is LUMERAH™, the first-of-its-kind non-invasive fetal oximeter designed to more accurately detect fetal distress during labor and delivery. Current fetal monitoring technology has a low sensitivity that may lead to the failed identification of the distressed baby during labor and delivery, potentially contributing to subsequent newborn birth injury1. In addition, existing fetal monitoring technology has a low specificity, which can lead to the overuse of emergency C-sections2.

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Initial preclinical results show that LUMERAH significantly improves sensitivity and specificity for the detection of fetal distress and consequently could improve outcomes for both mother and baby during childbirth. Because of its life-improving potential, the FDA has already granted LUMERAH Breakthrough Device status for expedited market approval.

“We are very proud of Neil Ray, MD, founder and CEO of Raydiant Oximetry, and his team for showcasing the opportunity for this type of innovation in the women’s health and neonatal space,” said Andrew Cleeland, CEO of Fogarty Innovation. “Their technology shows potential to have a large impact for millions of mothers and babies around the globe, and is the type of pioneering concept that Fogarty Innovation fosters.”

“Raydiant has assembled a team that is uniquely qualified to develop LUMERAH and provide obstetricians with accurate, quantifiable data for making critical labor and delivery decisions. When this device shows to improve the health of mothers and newborns, we are hopeful it will become the standard in hospitals worldwide,” said Linda Greub, Managing Partner of Avestria Ventures.

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Raydiant Oximetry plans to use the proceeds of the Series A2 financing to complete a clinical study at the University of Texas Medical Branch (UTMB) in Galveston, Texas. UTMB is one of 12 clinical research centers established by the NIH Maternal-Fetal-Medicine Network to promote clinical studies during pregnancy. The principal investigator for the study is Dr. George Saade, the Chief of Maternal Fetal Medicine at UTMB.

“We are very pleased that LUMERAH continues to resonate with our audiences, including clinicians and investors,” said Dr. Neil P. Ray. “We will continue to create shareholder value by demonstrating the clinical utility of LUMERAH and look forward to the transformative impact this technology will have on the field, physicians and their patients.”

About Raydiant Oximetry, Inc.

Raydiant Oximetry is a venture-backed, clinical-stage company dedicated to improving outcomes for mothers and babies during childbirth. The company was founded by Neil Ray, MD, a pediatric anesthesiologist by training, to find a solution to the pervasive problem of medically unnecessary Caesarean sections, which can have short- and long-term implications for the mother and child. The company has developed an innovative technology, LUMERAH™, a low-cost, non-invasive sensor that monitors fetal oxygenation during labor, with the aim to better identify fetal distress and reduce the rate of medically unnecessary C-sections. LUMERAH is an investigational medical device that is not currently approved for commercial sale. Learn more: Raydiantoximetry.com

About Fogarty Innovation

Headquartered on the El Camino Health campus in Mountain View, California, Fogarty Innovation is a leading medical technology nonprofit dedicated to advancing human health worldwide. Driven by a dedicated team of seasoned experts in the field, the organization fosters stronger alliances among innovators, industry and government, creating a powerful engine for the invention, development and deployment of new health technologies into the care pathway. Fogarty Innovation was founded by Thomas J. Fogarty, MD, a world-renowned cardiovascular surgeon, inventor, entrepreneur and vintner. Learn more: Fogartyinnovation.org

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Media contacts: Neil P. Ray, MD Raydiant Oximetry, Inc. neilray@raydiantoximetry.com (312) 371-5866 Birgit Johnston Fogarty Innovation birgit@fogartyinnovation.org (408) 656 8025