Palarum LLC Completes Private Placement Fund Raise of $4.37M
LEBANON, Ohio, August 24, 2021 (Newswire.com) - Palarum LLC, an Ohio-based healthcare technology company, announced today it has completed a private placement of $4.37M to qualified buyers. The funding is intended to support Palarum's transition from the clinical trial phase to market commercialization of its patented PUP® patient safety platform.
Palarum has partnered with leading regional and national hospital systems over the past several years to evaluate its patented PUP® Fall Prevention technology. The PUP® Smart Sock system uses advanced wearable technology - featuring conductive sock threads and IoT connectivity. In multiple independent trials, PUP has proven effective in reducing patient falls by up to 50%.
"Along with supporting our hospital partners, we intend to use the funding to expedite the development of complementary portfolio solutions beyond patient fall prevention," said Patrick Baker, Founder and CEO of Palarum. "For example, many clients view PUP technology as a highly promising application for enhancing Electronic Rounding and Gait Mobility Assessment. This current funding will help bring those products to market in a more timely fashion."
About Palarum:
Founded in 2016 in Lebanon, Ohio, Palarum® has developed the revolutionary PUP® Smart Sock system. The specialized socks use patented wearable technology, such as conductive, interactive threading and fabrics. The PUP system generates real-time, data-driven patient monitoring alerts designed to intercept and reduce patient falls, as well as enhance physical therapy and rehabilitation.
Contact:
Palarum: Chris Baker, 617.513.7003
Source: Palarum LLC
