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Sarasota Medical raises $1.1M, launches new $4M offering

December 16th, 2010

flaskSARASOTA, FL – Sarasota Medical Products, an early-stage company developing products for wound and ostomy care, has raised $950,000 from 10 investors and opened a second equity offering with $150,000 toward a targeted $4 million round, according to regulatory filings.

The company was founded in January 2010 by developers of current products and processes used in wound and ostomy care. It has developed four new products. According to Sarasota news reports, the company plans to hire up to 60 people over the next five years at an average salary of $50,000 a year.

The company disclosed the offerings in filings with the US Securities and Exchange Commission. Principals cited in the filings are Walter F. Leise III from Abbot Laboratories and Denis Keyes, Fred Brown and Walter F. Leise Jr.

Earlier in December, Sarasota Medical signed a binding letter of Intent with Durham, NC-based Oxygen Biotherapeutics (Nasdaq:OXBT) (SIX Swiss Exchange:OXBT) to determine the feasibility of pursuing a joint research and development venture for treating chronic ischemic wounds.

Oxygen Biotherapeutics’ Wundecyte product is a novel gel under development. It is designed to be used as a wound-healing agent that delivers oxygen to a wound alone, or in combination with a specialized oxygenating bandage.

SMP’s oxygen delivery devices include WoundSeal I, a chambered device specifically designed to deliver liquids and gels to a wound surface; WoundSeal II, a dressing with a plurality of layers designed to deliver one or more beneficial materials to the skin for the treatment of chronic wounds and burns; and OxyShield, a topical oxygen chamber designed to deliver hyperbaric oxygen to acute and chronic wounds to aid in initiating angiogenesis. Patents are filed for all three devices.

The company does not appear to have a Web site.

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