|Exact Imaging secures CDN $21.5 Million in financing to support the commercialization of its new disruptive ExactVu™ micro-ultrasound for prostate imaging and biopsy|
|Jan 05, 2017|
TORONTO, Jan. 5, 2017 /PRNewswire/ - Exact Imaging (www.exactimaging.com), the world's leader in high resolution micro-ultrasound systems enabling real-time imaging and biopsy guidance for the prostate, announced it has secured CDN $21.5 million in a Series C investment to commercialize its ExactVu™ micro-ultrasound system. The financing, which closed late in 2016, was co-led by Lumira Capital (Toronto, ON) and Vesalius Biocapital (Luxembourg) with participation from numerous new investors including PMV (Participatiemaatschappij Vlaanderen) (Brussels, Belgium) and strong support from existing investors including iGan Partners/Rowanwood Ventures (Toronto, ON).
"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," says Randy AuCoin, Exact Imaging's President and CEO.
Dr. Gaston Matthyssens, Managing Partner of Vesalius Biocapital, noted, "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."
PMV's Dr. Alexandra Tolia added, "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."
"As a founding investor in Exact Imaging and longtime supporter of the company, we have always believed in the potential of this high resolution micro-ultrasound technology and the impact it could have on the urology marketplace," says Mr. Sam Ifergan, CEO of iGan Partners/Rowanwood Ventures. "Having worked with this management team in the past on other successful ventures, we were fully confident to further invest in this round to support the Company's future and the pursuit of this next level of commercialization."
Mr. van der Velden, Dr. Matthyssens and Dr. Tolia will be joining Exact Imaging's Board of Directors along with existing Board members Mr. Ifergan (co-founder, iGan Partners/Rowanwood Ventures), Mr. William Wortman (Private Investor), Dr. Harold Wodlinger (Wodlinger Consulting) and Exact Imaging's President and CEO, Mr. AuCoin.
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