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Evena Medical Announces Expanded Distribution of Eyes-On(TM) Glasses in Middle East and North Africa; Raises $5M Equity Investment

Companies mentioned in this article: Evena Medical

LOS ALTOS, CA -- (Marketwired) -- 02/20/14 -- Evena Medical, a leader in the development of high-definition imaging for precision venous access, today announced it has finalized an agreement with a major distribution partner to distribute its products in 15 countries in the Middle East and North Africa. Evena has also recently received a $5 million tranche of the company's planned $15 million Series B financing. In addition, Evena announced it will be featuring its Eyes-On™ Glasses in Booth 3694 at HIMSS14, February 23-27 at the Orange County Convention Center in Orlando, Florida.

Evena Eyes-On Glasses is a sophisticated wearable computing platform for vascular imaging and informatics convergence. Its patented multi-spectral imaging technology is combined with powerful connectivity and computing capability for interface with hospital electronic patient record systems, and remote information sharing of images and other patient data (clinical informatics convergence). The device is also the only dual imaging modality system for vascular access available today -- it combines multi-spectral light-based technology for imaging most peripheral veins, with DeepVu™ ultrasound for visualizing those veins deeper beneath the skin.

"We are very pleased to be expanding our distribution further, bringing our total reach to 22 countries plus mainland China," said Frank Ball, Evena Medical President and CEO. "Our partners have further demonstrated their confidence in the opportunity for Evena's innovative products in their market by providing an initial $5 million tranche of our Series B financing."

About IV Access
Intravenous (IV) access is the most common invasive medical procedure today. There are roughly one billion venipunctures for drawing blood and initiating IV therapy annually in the US(i). In the hospital, virtually all patients receive IVs for both drawing blood for laboratory analysis, and for administering fluids and/or drugs. It has been estimated that up to 60% of children and 40% of adults require multiple attempts to access a vein(ii,iii), and in challenging clinical environments the failure rate can be even higher. Imprecise IV access can result in adverse events related to drug delivery outside of the venous system and when IV access is not achieved, therapy can be delayed or cancelled -- impacting patient care and hospital revenues.

About Eyes-On Glasses
Featuring a patented design that incorporates multi-spectral 3D imaging and wireless connectivity, Evena's point-of-care Eyes-On system is the first vein detection device to deliver clear, anatomically accurate, real-time imaging in a wearable, easy-to-use, hands-free and cart-free system. The Eyes-On system utilizes the Epson Moverio™ "smart glasses" technology platform and its unique "look-through" capabilities to offer one of the first healthcare applications of smart glasses commercially available on a global scale.

Evena's Eyes-On Glasses include digital storage to enable easy verification and documentation of vein patency throughout a patient's stay in the hospital, and telemedicine capability to share images remotely. The system also interfaces with hospital electronic medical records systems for seamless documentation.

About Evena Medical
Evena Medical is a privately-held company based in California's Silicon Valley which develops innovative imaging technologies for fast, accurate and precise intravenous access. Evena's initial product, the Evena Owl™, was launched in early 2013 and is available worldwide. Evena's Eyes-On Glasses system is a breakthrough wearable design that brings an entirely new vision to vascular access. For more information, visit www.EvenaMed.com, or email info@evenamed.com.

(i)American College of Pathologists, 2010

(ii) Frey A, Success rates for peripheral IV insertion in children. Journal of Intravenous Nursing, v. 21, #3, May/June 1998

(iii) Peripheral IV access procedures are problematic for nursing. Peripheral IV Success rates in adults & children: Harris M. Internal Study 2004; Division of Emergency Medicine, Loma Linda University Medical Center, Loma Linda, CA

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Contact:

Evena Media Contact:
Michelle Linn
Linnden Communications
O: 508-362-3087
M: 774-696-3803
Michelle@linndencom.com