Patient Safety Technologies Closes New Funding

Patient Safety Technologies, Inc. announced the closing of a $7.1 million common stock financing.  The investors purchased 9.48 million shares of common stock at a price of $0.75 per share.  Proceeds from the offering will be used for general corporate purposes including investing in the continued market penetration of the Company's core offering, the SurgiCount Safety-Sponge® System, a solution proven to improve patient safety and reduce healthcare costs by preventing retained surgical sponges.

"After successfully implementing an aggressive cost reduction and restructuring initiative last year, the subsequent goal of this new management team was to properly capitalize the company to help us achieve our growth objectives.  This offering will help us continue to execute our growth plans and positions us well to accelerate our market expansion and new product development," said Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies.

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