San Diego's Sotera Wireless Materializes From Bankruptcy With $32 Million
Sotera Wireless emerged from bankruptcy protection with nearly $32 million in hand, after a lawsuit brought by rival Masimo (NSDQ:MASI) drained its coffers, but is enjoined from using Masimo data allegedly purloined by a pair of former employees who jumped ship for Sotera.
The San Diego-based company filed for Chapter 11 bankruptcy protection in September 2016, saying it owed its main creditors roughly $13.1 million. Sotera, which developed the ViSi wireless wearable patient monitor, reported raising about $20.7 million back in April 2014 and acquired sensor developer Reflectance Medical for an undisclosed amount the next year.
The San Diego-based company filed for Chapter 11 bankruptcy protection in September 2016, saying it owed its main creditors roughly $13.1 million. Sotera, which developed the ViSi wireless wearable patient monitor, reported raising about $20.7 million back in April 2014 and acquired sensor developer Reflectance Medical for an undisclosed amount the next year.