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Paradigm Medical Industries receives $1 million from investors

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SALT LAKE CITY — Paradigm Medical Industries has received $1 million in funding from a group of institutional investors, which the company plans to use in part to subsidize the introduction, marketing and distribution of new ophthalmic technologies expected to launch this year, the company announced in a press release.

The sum will be financed via the purchase of $1 million in secured convertible notes by the investing group, which are to be purchased through an initial securitized bond of $250,000 and monthly tranches of $100,000 subsequently until $1 million in notes have been purchased, the release said.