Micro-ultrasound developer Exact Imaging said today it raised $16.3 million (CDN $21.5 million) in a Series C funding round, with funds slated to support the commercialization of its ExactVu micro-ultrasound system.
The round, which closed late last year, was led by Lumira Capital and Vesalius Biocapital and joined by newly invested PMV and previously invested iGan Partners and Rowanwood Ventures.
“We are very pleased to have been able to achieve an investment of this magnitude from such a high quality investment syndicate. This financing will allow us to scale our commercial organization, aggressively implement our product roadmap, and help us to realize the significant opportunity in the prostate biopsy and imaging marketplace,” prez & CEO Randy AuCoin said in a press release.
The Toronto, Canada-based company’s ExactVu micro-ultrasound system provides resolutions down to 70 microns, which the company touts as a 300% improvement on traditional standard-of-care urological ultrasound systems. The system is designed for visualization and interrogation of suspicious regions and to perform targeted prostate biopsies.
“We have followed the evolution of the Exact Imaging story for a number of years and in May of 2016 we participated in bridge financing to support this financing process and to allow the company to achieve regulatory approvals in key markets. Having met those milestones, we are very pleased to be a co-lead on this financing which is one of largest financing rounds for a private Canadian medical device company in Canada for 2016,” Lumira Capital managing general partner Peter van der Velden said in a prepared statement.
“Exact Imaging’s micro-ultrasound technology has the potential to change the standard of patient care in the urological practice by providing the urologist with the very tool they have been seeking. Specifically, a solution for prostate biopsies that provides much better resolution, is controlled by the urologist and is based on a known technology and workflow. With resolution down to 70 microns or 0.07 of a millimeter, the ExactVu high resolution system provides a 300% improvement in imaging resolution compared to the traditional standard-of-care urological ultrasound systems. Urologists now have a tool, designed around their workflow, to facilitate the detailed interrogation and visualization of suspicious regions and perform targeted prostate biopsies,” Vesalius Biocapital managing partner Dr. Gaston Matthyssens said in a press release.
“Our participation in Exact Imaging’s Series C financing reflects our fund’s investment strategy in healthcare. Specifically, we invest in companies with a disruptive technology, a unique product pipeline that addresses a highly unmet medical need and with an excellent management team committed to bringing these products to market and, consequently, to the patient. Through this financing, we are excited to support Exact Imaging in realizing their international development plan, including the creation of its European headquarters in Flanders, which will be spearheading the commercial roll-out efforts for the ExactVu system in Europe,” PMV’s Dr. Alexandra Tolia said in a prepared release.
Van der Velden, Matthyssens and Tolia will join Exact Imaging’s board of directors as part of the funding deal.
Exact Imaging said it won FDA 510(k) clearance for its ExactVu micro-ultrasound device in early December. The company said it also recently won CE Mark approval in the European Union for the device, and that it has begun to set up commercial operations at its new European headquarters in Belgium.