Continuous IV monitoring system developer ivWatch filed an SEC Form D to confirm the sale of $1.5 million in an equity offering.
Newport News, Va.-based ivWatch is offering a total of $13 million in equity, leaving $11.5 million remaining to be sold, according to the SEC filing.
The company did not disclose the issuer size for the new notice, which made its first sale on June 19, and it does not intend for the offering to last longer than one year.
So far, two investors contributed to the offering. ivWatch did not list an intended use of proceeds, but confirmed in the filing that $1.2 million of the gross proceeds will be used for payments to executive officers, directors and/or promoters.
ivWatch is a medical biosensor technology company developing devices to improve the safety and effectiveness of intravenous therapy. The company’s technology is designed to use optical sensors to detect adverse IV events early to minimize the risk of injury.