Jacksonville, FL (PRWEB) March 22, 2011
Powers Device Technologies, Inc., a privately held medical device company, today announced completion of $1.5 million Series A preferred funding. The single Institutional Investor, Lb Merchant II, LLLP, is an affiliate of Littlebanc Advisors, LLC. Littlebanc Advisors, LLC acted as the sole placement agent and financial advisor. This key funding will also provide the required match of funds to a recently awarded State University Research Commercialization Assistant Grant ($200,000) by the Florida Technology, Research, and Scholarship Board (FTRSB.)
The proceeds will be used to make the Pacifier Activated Lullaby (PAL™) commercially available to hospital neonatal intensive care units (NICU.) The Pacifier Activated Lullaby (PAL™) System is an FDA approved digital music delivery system that integrates an infrared sensor, pacifier, and receiver to help stimulate the sucking response in premature and low birth weight infants. The patented PAL™ technology was developed at Florida State University by Dr. Jayne Standley. An FSU faculty member since 1976, Dr. Standley is recognized throughout the United States as the foremost authority on medical music therapy. Her pioneering work in the field of medical music therapy has led to new techniques for treating premature babies.
"This funding and partnership will allow Powers DT to launch PAL™ and deliver groundbreaking technology to help solve feeding and overall development issues in premature infants," said P. Kathleen Lovell, President and CEO of Powers Device Technologies, Inc. “With their deep experience and expertise, we appreciate the enthusiastic interest and financial support from Littlebanc.”
Premature infants come into the world with numerous issues. One of them is an inability to feed by mouth before they are 34 weeks old. Sucking is a complex behavior involving the coordination of numerous muscle groups to generate rhythmic oral motor patterns (breathe-suck-swallow.) Without it, the ability to feed and thrive is significantly compromised.
"We are excited to have reached the point where we shall now be able to bring the Pacifier Activated Lullaby (PAL™) to market," said Dr. Standley. "After years of research and clinical studies in the NICU, we know that this device teaches premature infants how to feed quickly and safely. It promotes development, hastens their discharge to home, and saves medical costs. It will make a huge difference in standard medical care of preemies in the Neonatal Intensive Care Unit."
Michael Margolies, CEO of Littlebanc Advisors, LLC said, "We have a strong commitment to Florida companies and we are pleased to be associated with this important and much needed technology. This funding will enable an FDA approved technology to reach thousands of infants in need of valuable critical care."
About Powers Device Technologies, Inc.:
Powers Device Technologies, Inc. is a Florida-based, early stage medical device company. Powers DT is developing feedback sensor products to address the nutritional and distress tolerance (self-soothing) needs of premature and low birth weight infants in neonatal intensive care units (NICU). The company brings to this market a unique combination of patented technology (PAL™), an experienced management team and a shortened time-to-market for immediate market penetration. For more information please visit http://www.powersdt.com.
P. Kathleen Lovell
President and CEO
pklovell2 (at) powersdt (dot) com
About Littlebanc Advisors, LLC:
Littlebanc Advisors, an investment banking boutique, specializes in funding small, high quality growth companies. With its roots in research and long established Wall Street relationships, Littlebanc matches client companies with partner-minded investors fostering a stable and long- term shareholder base. For more information please visit http://www.littlebanc.com
About Lb Merchant II, LLLP:
Lb Merchant II, LLLP, an affiliate of Littlebanc Advisors, LLC, is a merchant bank that invests in small, high quality growth companies. Lb Merchant II, LLLP takes an active approach to its portfolio companies and assists these companies in realizing their potential.
mm (at) littlebanc (dot) com
mk (at) littlebanc (dot) com