PPC Arranges Growth Financing for Spaulding Medical

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.

Promontory Point Capital is a Milwaukee-based investment banking firm focused on the needs of Midwestern privately-held businesses. Since being formed in 2004, our firm has led over 150 client engagements including the evaluation of business sale and recapitalization options, the arrangement of debt and equity financing, and the planning and execution of growth strategies involving acquisitions, mergers, and joint ventures. Many inquiries to Promontory Point Capital include business objectives encompassing:

Ownership Planning, including Transition & Liquidity Goals: We are frequently introduced to owners or senior management teams when owners are interested in learning about their options involving a potential sale of all or a portion of their business. We have arranged transactions involving strategic partners, private equity firms, ESOPs, management buyouts, and other types of shareholder “recaps” including both minority and majority recapitalizations.

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Strategic Growth/M&A: A company may have an interest in growing and expanding by acquisition or strategic joint venture and wish to have an initial conversation regarding their strategic growth objectives.

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