LEBANON, Ohio, May 22, 2018 /PRNewswire/ -- Palarum LLC
announced today it has completed the private placement of
$3.8 million of Series 2018-A
Convertible Notes, through a Regulation D 506(b) offering to
qualified buyers. The Notes are convertible into Units and have a
two-year term. The Notes and the Units issuable upon conversion of
the Notes have not been registered under the Securities Act of
1933, as amended, or any state securities laws, and unless so
registered, have not been or will be offered or sold in
the United States, except pursuant
to an applicable exemption from the registration requirements of
the Securities Act of 1933, as amended, and any state securities
laws. This funding follows an initial equity round of funding of
$3.4 million in non-brokered private
funding completed in April 2017.
Palarum brought the PalarumPUP™ (Patient
is UP), a revolutionary patient sock that incorporates
patented technology to help prevent patient falls and enhance
rehabilitation therapy, to the healthcare market in 2017. Using
eTextile and IoT technologies, PUP™ patient socks issue real-time
alarms to immediately notify nearby nurses that a patient who has
been identified as high-risk for falls is out of bed, standing
and/or attempting to walk unassisted. Currently, several hospitals
around the country are evaluating the effectiveness of the sock
among its patient population.
This notice shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes. Palarum LLC
headquartered in Lebanon, Ohio is
an independent medical technology company. The Company develops and
produces mobile platforms, devices and applications which improve
patient safety, mobility, and rehabilitation in inpatient,
outpatient, and home settings.
About Palarum:
Founded in 2016 by the former Chief Nursing Officer of a large
community hospital in Lebanon,
Ohio, Palarum created the revolutionary PUP™ smart sock that
incorporates patented technologies woven into conductive fabric,
enabling real-time monitoring to prevent patient falls and enhance
physical therapy and rehabilitation. PUP, the most
technologically advanced, nurse-centric, patient mobility system in
healthcare: improves patient safety by greatly reducing
injuries from falls; significantly reduces costs related to falls;
decreases alarm fatigue through a smart notification system; and
generates critical new data to enhance facility operations. PUP is
designed for acute care hospitals, as well as facilities for
rehabilitation, long-term care, and physical
therapy. www.palarum.com.
Palarum Contact:
Chris Harsdorff
214.213.7705
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SOURCE Palarum LLC