Sopogy receives Honorable Mention Award from Hawaii Venture Capital Association

January 25, 2007

Sopogy honored by Hawaii Venture Capital Association

Hawaii Venture Capital Association
Deal of the Year – 2006
Hoana Medical, Inc. Tops the List
Award Luncheon Thursday, January 25, 2007

It was a banner year for venture investing in Hawaii as several of Hawaii’s most innovative companies attracted investment capital from within and outside of the state. Thanks to Hawaii’s vibrant climate for technology start-ups, the Hawaii Venture Capital Association is proud to acknowledge Hoana Medical, Inc., as this year’s Venture Capital Deal of the Year award winner. Hoana Medical, Inc. has raised $20.9 million dollars in a $15 million dollar Series D financing. A medical device company founded in 2001, Hoana Medical, Inc. is a spin-off company from Oceanit—one of Hawaii’s largest and most diversified science and engineering companies. Working with Oceanit, Hoana Medical, Inc. incorporated futuristic patient safety technology into everyday medical applications. “During this round of financing we were able to partner with some great investors – nationally and internationally,” said Patrick Sullivan, CEO and founder of Hoana Medical, Inc. “We exceeded our target in less than 8 weeks, eventually turning down investors. The speed and size of the investment underscores the enormity of the patient safety problem Hoana is addressing, and our ability to capture and dominate this untapped segment. This is just the beginning for us, and we are looking forward to working with our partners and investors to continue our expansion efforts.”

HVCA also acknowledges the following companies for their fund raising efforts: Hawaii Nano Sciences, Hawaii Biotech, Cardax, AssistGuide and Sopogy. The combined total amount raised by Hoana and these companies approaches forty million dollars. “The successful fund raising accomplished by these companies as well as several others demonstrates that Hawaii, mainland and foreign investors are recognizing the significant potential and world-class status of our growing innovation sector,” said Bill Spencer, President of the Hawaii Venture Capital Association.

Hoana Medical CEO, Patrick Sullivan, will be the keynote speaker at the Deal of the Year Luncheon, being held Thursday, January 25th, 2007 at the Plaza Club. HVCA members and the public are invited to celebrate the accomplishment of Hoana and five additional companies slated to receive honorable mentions. The entrepreneurs behind the companies receiving an honorable mention will also address luncheon attendees about their fundraising and future plans.

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