With headquarters in West Bend, Wisconsin, Spaulding Medical has developed an evolutionary mobile cardiac device with compatible data acquisition and analytics platform that combines high diagnostic quality with modern technology. The Company’s “Generation 1” device, a lightweight and wireless portable 12-lead electrocardiograph (ECG or EKG), was developed so patients could monitor and report cardiovascular health in the comfort of their own home. Spaulding Medical’s Generation 2 product broadens the scope of modalities integrated within the physical device, coupling these capabilities with an embedded data platform that immediately uploads cardiac data to patient electronic medical records (EMR). With a full suite of diagnostic capabilities, the Company’s Generation 2 product will be able to replace existing legacy hospital cardiac systems at a fraction of the cost of current independent cardiac devices. Generation 2 has been well received in working demonstrations with some of the finest names in cardiac care in the United States and has been described by cardiologists as one of the more disruptive technologies in cardiac care in decades.
The business was created in 2017 as a private spin-off from its parent company, Spaulding Clinical Research, a full-service contract research organization providing Phase I Drug Development and Core ECG Laboratory Services. As Spaulding Medical continues its evolution, including FDA 510(k) approvals for its Generation 2 mobile cardiac device, the Company engaged Promontory Point Capital to arrange growth financing. PPC’s engagement encompassed researching the business and its end markets, advising on financing alternatives, and introducing Spaulding Medical’s leadership team to a host of potential investors. The funding round arranged by PPC closed during January of 2021 with proceeds being used for further additional modality development and working capital needs to support Spaulding Medical’s continued growth and commercialization of the Generation 2 device. The arrangement of this growth financing represented PPC’s first Done Deal for 2021.