MolecuLight closes $4M round of financing led by iGan Partners
Toronto, ON, May 29, 2014. MolecuLight is proud to announce that it has closed a $4M round of financing led by iGan Partners with the participation of angel investors.
MolecuLight has developed a revolutionary portable and handheld optical imaging platform for clinical wound assessment and treatment guidance at the point-of-care. The company’s first product is a handheld fluorescence imaging device that enables clinicians to rapidly assess a wound’s bacterial burden and use that information to guide sampling and treatment delivery. Over 6 years of clinical trial studies have shown the potential to bring significant improvements to the wound care industry. Among other things the technology will provide image-guided sampling, debridement and real-time quantitative analysis of chronic wounds, which results in improved patient outcomes and a more efficient use of clinical resources. Initial data from ongoing clinical studies show that wounds heal three times faster and cost 70% less to the system when the MolecuLight technology is used to guide treatment and therapy.
MolecuLight was founded by Dr. Ralph DaCosta, a molecular imaging scientist at the University Health Network and the company is currently hiring senior level management and its CEO. MolecuLight recently hired Catherine Theodoropoulos, Vice President of Marketing and Product Strategy. Catherine was recently the Director of Product Management at VisualSonics, a leading ultrasound imaging company for the pre-clinical market.
The funds will be used obtain regulatory approvals in US, Canada and Europe, complete key hires and prepare products for full commercialization.
“Chronic wounds represent a significant burden to patients and health care systems across the globe. Unfortunately, wound care has not enjoyed the same pace or level of innovation in diagnostic and interventional guidance technologies that other more well-known diseases have. MolecuLight has set its sights on meeting this unmet need in wound care and sees future potential for its proprietary platform imaging technologies in other globally-relevant markets. A partnership with iGan Partners has helped us to accelerate the growth of the company as well as the pace of commercialization of our products to get them into the hands of clinicians as soon as possible. This is an exciting time for us!” said Dr. Ralph DaCosta, Founder, and Chief Scientific Officer of MolecuLight.
“There has been a lack of innovation in the wound care market and the current standards are quite outdated. MolecuLight has developed a disruptive platform technology that will not only help wounds heal faster but also reduce costs significantly. We are very excited about the prospects of this company as it has the potential to disrupt the market and emerge as a leader in this space“, said Sam Ifergan, President of iGan Partners.
About MolecuLight
MolecuLight has developed a revolutionary portable handheld optical imaging platform for point-of-care wound analysis. The technology allows for rapid visual detection of bacteria, procedural guidance, assessment of viable vs. non-viable tissues, and the quantification, tracking and documentation of bacterial load and other wound features. Moleculight’s technology platform also has potential applications in other medical and non-medical markets. For more information, please visit www.moleculight.com
