MaRS client Profound Medical closes Canada’s largest early-stage medical device venture capital financing in recent years
C$9.4 million in Series A financing will be used for clinical trials in human prostate cancer
Toronto, June 3, 2011 – Toronto medical device company and MaRS client Profound Medical Inc. (PMI) announced on Monday that it closed C$9.4 million in Series A venture capital financing.
The syndicate of all-Canadian investors is led by the Business Development Bank of Canada (BDC) and Genesys Capital Partners, supported by the Health Technology Exchange (HTX), through its Business Investment Program.
“We’re absolutely delighted to have secured such a significant sum of financing and in such an unbelievably tough financial climate,” says Paul Chipperton, CEO of Profound Medical. “We will now be able to begin the next and crucial phase of clinical trials on human prostate cancer in the US, Canada and Europe.”
The financing announced on Monday will enable Profound to appoint up to 15 new employees and support multi-site, human safety/feasibility clinical trial and regulatory approval initiatives.
”Profound’s platform is unique and will have a significant impact on the treatment of prostate cancer. By delivering the treatment in a less invasive way and by using the latest imaging technology, Profound is well positioned to improve patient outcome,” says Jean-François Pariseau, Partner of BDC Health Venture Fund, who will soon join the company’s Board of Directors.
Profound has worked with advisors in MaRS’ Life Sciences and Health Care practice since 2009. “As a client company of MaRS, we’ve been very grateful for its help and continued support in what is simply the hardest and most challenging technology financing environment any of us have lived through,” says Chipperton. “Through the work MaRS has done, and continues to do, a number of other very interesting early-stage life science companies are also ready for financing and significant expansion. I’m anticipating an acceleration in company formation and growth as the year progresses and I hope we are the first of the new wave coming through to revive the industry.”
About Profound Medical
Profound Medical Inc. (PMI) of Toronto, Canada, is a multi-award winning medical device company developing an MRI-guided, trans-urethral procedure for the treatment of localized prostate cancer. www.profoundmedical.com
About BDC Venture Capital
As Canada’s business development bank, BDC (www.bdc.ca) puts entrepreneurs first. BDC’s Venture Capital division (BDC VC) is one of the country’s most active venture capital investors and is involved at every stage of its investee companies’ development cycles, from seed through expansion. BDC VC focuses on based businesses with high growth potential that are positioned to become dominant players in their respective markets.
About Genesys Capital Partners
Genesys Capital (www.genesyscapital.com) is focused on building companies in the high-growth sectors of healthcare and biotechnology. Through its expertise and network, Genesys accelerates the development of commercially viable emerging companies that represent promising life science investment opportunities.
About Health Technology Exchange (HTX)
From Invention through to Innovation to International Invoice, HTX (www.htx.ca) supports emerging and established Ontario-based companies to develop, produce and commercialize innovative market-leading advanced health technologies. HTX is funded by the Government of Ontario through the Ministry of Research and Innovation. HTX is a member of the Ontario Network of Excellence (oneinnovation.ca).
About MaRS
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs to grow and scale their ventures into global market leaders in life sciences and health care, information, communications and entertainment technologies, cleantech, advanced materials and engineering, as well as innovative social purpose businesses.
For more information, please contact:
Paul Chipperton, CEO
Profound Medical Inc.
(+1) 647 291 8545
pchipperton@profoundmedical.com
Geoffrey King
Director, Public Relations
Business Development Bank of Canada
514-496-4351
geoffrey.king@bdc.ca
Vanessa Caldwell
MaRS
416.673.8200 x2240
vcaldwell@marsdd.com