TORONTO, CANADA, January 5, 2017 – 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 (USD $16.31 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.
“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”, said Peter van der Velden, Managing General Partner of Lumira Capital. “The Lumira Investment reflects both our view that the technology addresses a significant unmet market and patient need and that the Exact team is the right team to successfully scale the business globally”, said Dr. Jacki Jenuth, Principal at Lumira Capital.
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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.”
