Press Release
ZONARE MEDICAL SYSTEMS ANNOUNCES ADDITIONAL FUNDING
Mountain View, Calif. - June 12, 2004 - ZONARE Medical Systems, Inc., a medical device company developing a next-generation ultrasound platform, announced today that the company has closed a round of financing, adding approximately $34 million in additional equity funding. Based on patented Zone Sonography™ technology, ZONARE Medical Systems is currently developing a state-of-the-art ultrasound platform designed to address a wide-variety of needs for radiologists and ultrasound professionals around the world.
"We are excited to be a part of this significant round of funding which will support truly breakthrough ultrasound technology," said Ashton Newhall, partner in Montagu Newhall Associates, the lead investment firm in the financing. "Given the conservative nature of today's financial markets, this sizable new investment is testimony to the substantial potential offered by Zone Sonography technology."
Both previous and new investors in the funding round include Montagu Newhall Associates, Kaiser Permanente Ventures, Earlybird Venture Capital, Frazier Healthcare Ventures, Draper Fisher Jurvetson, Merrill Lynch Ventures, CB Health Ventures, Mosaix Ventures, Siemens Venture Capital GmbH, and Ascension Health Ventures.
"As the largest investor in ZONARE, we are pleased to be increasing our investment as part of this latest round of financing," said Rolf Mathies, partner in Earlybird Venture Capital. "With this significant advance in ultrasound technology, we believe the ZONARE platform will provide excellent clinical solutions and customer value."
Funds will be used to bring this proprietary ultrasound technology to the high performance ultrasound market. Combining a significant advance in ultrasound technology with an innovative physical design to achieve maximum customer value, the flexibility of the ZONARE platform will provide clinical solutions for a wide variety of imaging needs in general imaging, obstetrics, gynecology, cardiology, vascular and other emerging ultrasound applications.
"A significant aspect of Kaiser Permanente's association with ZONARE is our ability to bring our vast experience to the design process," said John Rego, MD, chief of radiology at Kaiser Permanente. "We are working together to ensure that this new technology supports our commitment to health care quality and affordability."
Based on industry reports, more than 70,000 ultrasound systems are sold around the world annually, with 20,000 in the U.S. alone. In addition, the worldwide ultrasound market is expected to exceed $3.6 billion in 2004.
"This funding series will help us complete the ZONARE platform and bring this upgradeable platform to the market later this year," said Donald Southard, president and CEO of ZONARE Medical Systems. "Initially, we will provide clinical solutions for the general imaging, vascular, and OB/GYN markets with subsequent upgrades for other applications such as cardiology. We believe the flexibility of the platform will make the ZONARE system ideal for a vast majority of clinical environments."
About ZONARE Medical Systems
ZONARE Medical Systems, Inc. designs, develops, and manufactures high performance ultrasound solutions, which combine revolutionary technology with an innovative physical design. Zone Sonography technology, ZONARE's unique patented approach to ultrasound imaging, is focused on bringing premium performance to all clinical settings, leading to enhanced diagnostic capabilities, more cost effective operation and increased value to providers. For more information, please visit our web site at www.zonare.com.
Media/Investor Contact:
Lars Shaw
Vice President of Marketing
ZONARE Medical Systems, Inc.
650.230.2787
lshaw@zonare.com