Novosound partners Nasdaq firm in US drive
Ultrasound sensor specialist Novosound has signed an agreement with PAVmed, a Nasdaq-listed diversified medical technology company, which will advance the Scottish company’s move into North America.
Dave Hughes, CEO and co-founder of Novosound, said PAVmed’s track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health made it the ideal partner for Novosound.
Lishan Aklog, chairman and chief executive at PAVmed, said: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging.”
Novosound recently secured £3.7 million led by Par Equity, supported by Foresight Group (via the Foresight Williams Technology EIS Fund), Kelvin Capital, and Scottish Enterprise.
Paul Munn, partner at Par Equity, said: “Novosound has developed best-of-class remote sensor technology that is applicable across multiple sectors, the company continues to rack up international business wins including most recently with PAVmed, and Par is pleased to continue to support Dave and his team in the months and years ahead.”
The company has announced a series of international contract wins over the last twelve months, including with aerospace groups BAE Systems and GE Aviation, and Israeli-based digital health company dSound.
Novosound will be exhibiting its wireless wearable ultrasound platform at CES 2023 in Las Vegas between 5-8 January.