MINNEAPOLIS, Minn.- Police are searching for a suspect after two young women were stabbed overnight while leaving downtown Minneapolis. .

Squads were dispatched to the corner of Hennepin Avenue East and University Avenue Northeast around 12:20 a.m. Monday.

Police say the women, both 21, were walking home from a bar when a man pulled a knife and demanded money. Police say one woman handed over five dollars but the man still stabbed both of them. One of the victims was knifed in the back, while the other was stabbed in the arm.

One of the women took off her shot and used it to tie off the arm of her friend, who had apparently been stabbed in an artery. The action may have saved her life.

Both victims remain hospitalized at Hennepin County Medical Center (HCMC).

The attacker fled the scene on foot. Police tried to track him using a K9 but couldn't pick up the trail.A $1,000 reward is offered for information leading to his arrest and conviction.

Police are checking surveillance systems from nearby businesses to see if the attack was caught on tape.