Profusa Initiates Board-Led Process to Evaluate Strategic Alternatives and Maximize Shareholder Value

Company focusing resources on near-term commercial milestones; European CE Mark process and Healthcare Research revenue opportunities

Process intended to evaluate strategic growth alternatives to enhance scale, strengthen execution and support long-term shareholder value creation

BERKELEY, CA, May 05, 2026 (GLOBE NEWSWIRE) --  Profusa, Inc. (“Profusa” or the “Company”) (Nasdaq: PFSA), a digital health company pioneering next-generation biosensing technologies, today announced that its Board of Directors has initiated a Board-led process to evaluate strategic alternatives intended to maximize shareholder value and support the Company’s highest-priority commercial, regulatory and platform-expansion initiatives.

The process will evaluate a range of potential opportunities, including asset-level transactions, commercial and strategic partnerships, business combinations and other corporate transactions.

Profusa has engaged Tungsten Advisors as its exclusive strategic financial advisor in connection with this process. There can be no assurance that this process will result in any transaction or other strategic outcome. Profusa does not intend to provide updates unless and until the Board of Directors approves a specific action or otherwise determines that disclosure is appropriate or required.

Concurrently, Profusa is aligning its resources and capital allocation priorities around initiatives the Company believes can best support near-term execution and value creation, including advancing European CE Mark approval through GMED under the EU Medical Device Regulation (“MDR”);and pursuing research-use-only revenue opportunities through its Healthcare Research business.

“Profusa’s priority is to concentrate the Company around the assets, milestones and strategic opportunities we believe can drive the greatest long-term value for stockholders,” said Ben Hwang, Ph.D., Chairman and Chief Executive Officer of Profusa. “Our near-term priorities are clear: advance the Lumee Oxygen platform toward European commercialization and build revenue opportunities through our Healthcare Research business.”

Dr. Hwang continued, “The Board’s decision to evaluate strategic growth alternatives is intended to ensure a disciplined and proactive approach to scale, platform expansion and capital formation. We believe Profusa has multiple strategic pathways to accelerate commercialization and strengthen the Company’s long-term position, and we intend to evaluate those opportunities with a focus on execution, financial discipline and shareholder value. Tungsten Advisors brings the sector expertise, senior-level execution capabilities and corporate finance perspective we believe can help us identify, structure and pursue strategic pathways that can expand our platform capabilities, accelerate commercialization, support capital formation, and strengthen long-term shareholder value.

Regulatory and Commercial Update

Profusa has successfully completed the two required on-site audits conducted by its European Notified Body, GMED, as part of the MDR conformity assessment process for the Lumee Oxygen platform. The Company is actively addressing feedback received during the review process and continues to advance toward potential CE Mark certification. Profusa continues to make significant progress toward CE marking for the Lumee Oxygen platform and anticipates that GMED will complete its process in Q3 or early Q4.

PanOmics Assay Asset Purchase Agreement

On April 21, 2026, Profusa entered into an Asset Purchase Agreement with Bio Insights LLC pursuant to which Profusa agreed to acquire substantially all know-how assets related to the PanOmics Assay, an integrated, NGS multi-omics analysis platform combining genomics, transcriptomics, metabolomics and related fields used in drug discovery and precision medicine.

The Company believes the PanOmics Assay can complement Profusa’s existing biosensing platform by expanding its capabilities across precision diagnostics, multi-omics analysis and data-driven healthcare applications. The transaction remains subject to customary closing conditions, including stockholder approval of the issuance of securities in connection with the transaction, as required by applicable Nasdaq rules.

About Tungsten Advisors

Tungsten Advisors (www.tungstenadv.com) is an investment banking firm focused on strategic advisory and corporate finance for healthcare and technology companies. Tungsten provides transactional services including financings (private placements/PIPEs), corporate licensing and mergers and acquisitions (M&A). Tungsten also focuses on company incubation and makes direct investments alongside the creation of new companies in healthcare and technology.

Securities offered through Finalis Securities LLC Member FINRA/SIPC. Tungsten Partners LLC d/b/a Tungsten Advisors and Finalis Securities LLC are separate, unaffiliated entities.

About Profusa
Based in Berkeley, CA, Profusa is a commercial stage digital health company led by visionary scientific founders, an experienced management team and a world-class board of directors in the development of a new generation of tissue-integrated sensors to detect and continuously transmit actionable, medical-grade data for personal and medical use. With its long-lasting, injectable and affordable biosensors and its intelligent data platform, Profusa aims to provide people with a personalized biochemical signature rooted in data that clinicians can trust and rely on.
“LUMEE”, “PROFUSA” and the PROFUSA logo are registered trademarks of Profusa, Inc. in the United States, Canada, European Union, China, Japan, South Korea and Australia.

For more information, visit https://profusa.com.

Special Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating performance of Profusa. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “propose,” “seek,” “should,” “strive,” “will,” or “would” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which may be beyond the control of Profusa and could cause actual results to differ materially from those expressed or implied by such forward-looking statements including, without limitation, risks related to the Company's planned European and U.S. product launches, the risk that such product launches may not result in revenue at the levels anticipated, the risk that customer demand may be less than expected, and risks relating to the Company’s withdrawal of the Registration Statement and conducting a smaller offering of its securities. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Profusa and its management, are inherently uncertain. Profusa cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. There are risks and uncertainties described more fully in the Company's public filings made by Profusa from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Profusa cannot assure you that the forward-looking statements in this communication will prove to be accurate.

Contacts
Investor and Media Contacts
email:  investors@profusa.com
phone:  516 222 2560

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