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BERKELEY, Calif. - Profusa, Inc. (NASDAQ:PFSA), a small-cap medical device company with a current market capitalization of $23.76 million, announced Thursday it has signed a Letter of Intent to enter into a distribution agreement with Dismeval, S.L. for its Lumee Oxygen platform in Spain.
Dismeval specializes in distributing medical and surgical equipment throughout Spain, including the Canary and Balearic Islands. The company has a team with experience in the medical device sector and expertise in supporting hospital-based operations.
Ben Hwang, Ph.D., Profusa’s Chairman and CEO, called the agreement "the first, tangible step as we build a robust distribution infrastructure in Europe."
The company claims its tissue oxygen technology has a $10.5 billion global addressable market across three indications: peripheral artery disease, chronic wounds, and critical limb ischemia. According to the press release, Europe sees over 300,000 endovascular procedures annually. InvestingPro analysis indicates the company faces significant financial challenges, with a Weak Financial Health score and no profitability over the last twelve months.
Profusa, based in Berkeley, California, develops tissue-integrated sensors designed to continuously transmit medical data. The company’s technology includes injectable biosensors and a data platform aimed at providing personalized biochemical information.
The announcement represents Profusa’s efforts to expand its commercial presence in the European market for its biosensor technology. The company made the announcement in a press release issued Thursday.
In other recent news, Profusa Inc. has made significant strides in its financial strategy with a focus on cryptocurrency. The company announced an initial $1 million investment in Bitcoin, aligning with its previously disclosed treasury management strategy. This move is part of a broader initiative, as Profusa has also unveiled a $100 million bitcoin treasury strategy. This strategy is being executed through a Securities Purchase Agreement with Ascent Partners Fund LLC, which involves the purchase of up to $100 million of the company’s common stock. Profusa plans to allocate 100% of the net proceeds from this agreement to acquire Bitcoin, while ensuring a minimum cash balance of $5 million. The company has partnered with BlockFills to facilitate this cryptocurrency acquisition. These developments indicate Profusa’s commitment to integrating Bitcoin into its financial operations.
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