Xoran Technologies said yesterday that it landed a total of $8 million from a matching grant program with the National Institutes of Health for its xCAT IQ mobile CT imaging system.
Ann Arbor, Mich.-based Xoran’s xCAT IQ is a compact, mobile CT scanner designed for high-resolution cranial imaging in the operating room and intensive care unit in hospitals. The National Cancer Institute is slated to provide Xoran with $4 million in R&D funds over the next three years through a Small Business Innovation Research grant, matched by a $4 million investment from Decathlon Capital Partners. Decathlon offers revenue-based financing, in which companies agree to repay the investment with a portion of future revenues instead of selling an equity stake.
“We are grateful to the NCI for supporting our ongoing research and development in this exciting area,” chief technology officer William van Kampen said in prepared remarks. “This non-dilutive funding will support scientists and engineers working here in Michigan on technology intended to help make minimally invasive neurosurgery procedures safer and more widely available.”
Xoran said it plans to use the funds from the grant to work toward an imaging system that utilizes laparoscopic devices, remote-controlled and robotic-enabled manipulation of surgical instruments, surgical navigation and intraoperative imaging. The last two, in particular, grabbed Xoran’s interest with regards to the funding.
The company intends to find ways to offer surgical navigation and intraoperative imaging in minimally invasive spine cases to reduce time and improve outcomes.
“The benefits to stroke and traumatic brain injury patients cannot be overstated,” said CEO Misha Rakic. “Access to a low dose, affordable yet incredibly nimble, imaging system means that patients can be treated more quickly, more accurately, and more comfortably.”