TROY – The Money Finders has been asked to find $1.5 million in second round funding for a Los Angeles-based early stage life sciences company getting ready to market a hip fracture prevention airbag for a rapidly growing seniors population.
The inventor, a West Coast ophthalmologist, researcher, university instructor and medical device consultant, has asked Money Finders to help him line up financing. He contends the device should dramatically decrease care and treatment costs, as well as maintain a higher quality of life for millions of aging people. It also should help others with failing eyesight, epilepsy, spatial disorientation or other balance problems that make them prone to fall.
The new device is a lightweight belt worn on the waist. It encloses a slim, flat airbag that senses if its wearer is falling and inflates instantly to cushion the hip and reduce its impact against the ground. The air bag reduces the force of impact by as much as 85 percent.
Each year, according to government and private research, about 350,000 seniors in the United States fall and fracture a hip. Half of those at the highest risk fall several times a year. The number of falls increases exponentially with age.
Hip fracture care averages $33,000 per patient. This means that hip fractures cost the nation $14 billion annually, rising to over $32 billion by 2020, all in addition to associated pain, loss of independent lifestyle and death.
Within the next 24 months, the inventor plans to start selling his hip-fracture prevention device through mass retailers, as well as through television infomercials and on the Internet. As he reaches an 8 percent market penetration, annual revenues will exceed $300 million.
Money Finders co-founder and CEO ?Fritz? Spademan said this is the first of several unusually interesting developments that his organization will bring to investors? attention soon. Spademan is troubled that Michigan used to rank high in business investment activities but now lags behind many other states.
?Michigan was an innovation factory where investors would put money in at one end and watch profits come tumbling out of the other end,? Spademan said. ?I want to see us get that factory up and running again.?
Accredited Investors interested in learning more about the hip fracture prevention device can contact Fritz Spademan at [email protected] or telephone him at (248) 890-2562. You can also contact Neil Jackson at [email protected] or you can telephone him at (734)426-2130.
