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Flashback Technologies Announces $2,000,000 Series A FinancingBOULDER, Colo. --(Business Wire)-- Flashback Technologies, Inc., a privately held data analytics software firm developing and commercializing its proprietary CipherSensorTM technology platform, announced today the closing of a $2,000,000 Series A financing. This funding will support the near term build-out of the Company's infrastructure, hiring of key personnel, and provide additional working capital necessary to support further development and market launch of its first product targeted for late 2015. The investment round was led by the investment firm PAC Partners in addition to further investment by the Company's existing investors. "We are very excited about closing this most recent round of financing, the timing and success of which is a terrific validation of our capability to deliver a ground-breaking technology to the healthcare marketplace," says Gordon Van Dusen, President & CEO of the Company. "Our clients, partners, and investors are fully committed to bringing the first application of this technology to the commercial market next year." The $2.0 million round was significantly oversubscribed and brings Flashback's total investment balance to approximately $12 million to support development of its data analytics technology platform and first product application. Board Chairman, Kevin Smith, President/CO of Colorado Institute for Drug, Device and Diagnostic Development ("CID4") commented, "Since CID4's first investment in Flashback in 2011, we have been a big believer in the potential of the Company's CipherSensor technology platform and the team behind it. This financing will accelerate the company's growth as it looks towards commercial launch late next year." CID4 is a 501(c)(3) not-for-profit charitable organization whose mission is to advance the Colorado bioscience ecosystem through company creation and job growth. One of the Company's first product applications of CipherSensor is currently in development to aid in the care of patients in the trauma and critical care settings. "Flashback's technology offering is well-timed with the rapidly increasing demand for solutions that reduce healthcare costs and improve results for patients," said Founder and Chief Technology Officer, Greg Grudic. "Our CipherSensor platform utilizes proprietary feature extraction and machine learning methodologies that enable the derivation of competitive solutions in areas where data is complex, high volume and 'dirty,' areas where other data analytic solutions have often proven ineffective." About Flashback Flashback Technologies, Inc. is a privately held data analytics software company whose proprietary technology platform called CipherSensor™ is initially being applied to develop products addressing unmet needs in the medical monitoring, diagnostic and treatment marketplace. Clinical decision making is often compromised due to ineffective processing of the growing volumes of data by care providers during the monitoring, diagnosis and treatment process. CipherSensor's feature extraction and machine learning-based computational engine can provide novel algorithm based predictive decision support solutions to address these unmet clinical data analysis needs. Flashback is located in Boulder, CO and collaborates closely with several leading medical research institutions including the US Army Institute of Surgical Research, Fort Sam Houston Military Medical Center, San Antonio, TX, and the University of Colorado, Anschutz Medical Campus, Aurora, CO. For additional information, please visit our website at www.flashbacktechnologies.com.
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