Palarum LLC Completes Private Placement of Convertible Notes
LEBANON, Ohio, May 22, 2018 (Newswire.com) - 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.
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.
Source: Palarum LLC