Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Medical Tech Firm, Sotera Wireless, Announces Chapter 11 Bankruptcy Protection
Author: Joel R. Glucksman
Date: November 17, 2016
Key Contacts
Back
Sotera Wireless, the medical technology firm known for the development of its wireless patient monitoring software, recently announced that it had filed for Chapter 11 bankruptcy protection. According to a Mass Device report, the company accumulated mounting debt recently.
Sotera Wireless’ recent financial struggles
In its court documents, the company cited the $13.1 million debt it owed to Silicon Valley Bank and Oxford Finance following the release of its ViSi Mobile system. MedCity News reported that this system was developed to enhance patient safety measures by wirelessly transferring data and alert clinicians when patient health conditions change. The device has experienced several issues since its launch two years ago. As a result, the system eventually lost potential revenues due to delays and increased expenses into the product.
According to its bankruptcy filings, the company recorded a $25.2 million net loss last year with only $526,000 in new revenues.
Sotera Wireless has also been involved in litigation since 2015. Mass Device reported that this civil suit with Masimo, a manufacturer of non-invasive patient monitoring technologies, was over allegations of misappropriation of trade secrets among employees. To date, the legal fees incurred by Sotera Wireless have totaled more than $3 million.
Sotera Wireless’ tentative refinancing plan
Sotera Wireless is currently seeking a buyer. At the moment, its investors include Qualcomm Ventures, West Health, Intermountain Healthcare, Sutter Health Plus, Foxconn, Intel Capital and Sanderling Ventures. As part of its effort to liquidate operations to a potential buyer, Sotera Wireless received a valuation from SVB Analysis, which showed an equity value at $98.9 million and an enterprise value of $88.8 million.
Are you a creditor in a bankruptcy? Have you been sued by a bankrupt? If you have any questions about your rights, please contact me, Joel Glucksman, at 201-806-3364.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
New York NDA Requirements for Businesses
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
Author: Dan Brecher
New Jersey Will Contest Grounds Explained
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
Author: Marc J. Comer
Legal Issues Before Bringing on Investors
Bringing on outside investors can provide the capital and strategic support a business needs to grow. However, raising capital also introduces important legal, financial, and operational considerations. Before bringing on investors, businesses should address key legal issues to reduce risk, streamline investor due diligence, and position the company for long-term success. Early preparation signals that […]
Author: Dan Brecher
SECURE 2.0 RMD Planning Strategies
How the Updated Law Shapes Retirement and Estate Planning The SECURE 2.0 Act of 2022 materially reshapes the required minimum distribution (RMD) landscape, extending tax deferral opportunities while accelerating distribution requirements for many beneficiaries. For high-net-worth individuals and families, these changes are not merely technical. They require a reassessment of retirement income strategies, beneficiary planning, […]
Author: Marc J. Comer
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses
Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]
Author: Robert L. Baker, Jr.
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities
On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.