CAS Medical Systems Inc. in Branford says it raised $1.93 million from a private stock placement to fund further development of its line of biomedical sensors for measuring patients’ brain oxygen levels.
The company says it placed 1,375,000 shares of common priced a $1.40 a share without a broker to a limited group of accredited investors. It did not identify them.
President and CEO Andrew E. Kersey said its strengthened balance sheet will allow CAS to pursue global markets for its Fore-Site device that measures brain oxygen levels without penetrating the skull. Those measurements are vital during surgeries and treating critically ill patients.
CAS also manufactures blood-pressure cuffs designed for newborns.
