MolecuLight Secures $11.7 Million in Financing to Accelerate Global Expansion
TORONTO, Aug. 15, 2024 /PRNewswire/ – MolecuLight Inc., a leader in point-of-care fluorescence imaging, today announced the closing of a $11.7 million Series C financing round led by new investors Export Development Canada (EDC), Prosegur, and Azahar. Existing investors also participated in the round, demonstrating continued confidence in the company’s growth trajectory.
MolecuLight’s fluorescence imaging devices provide clinicians with real-time visualization of bacteria florescence in wounds, enabling earlier detection and quantification leading to more effective treatment resulting in improved wound healing. MolecuLight’s wound bed assessment aligns perfectly with CTP outcomes: A study by Ai-Jalodi and colleagues demonstrates that when the device indicates a bacteria-free wound bed, there is a 100% probability of CTP integration1, vs a skin substitute alone. By empowering healthcare providers to make informed decisions at the point of care, MolecuLight is helping to improve patient outcomes and reduce healthcare costs. The new investment will fuel MolecuLight’s expansion in the US, Canada, and EU across all care settings, including hospital out-patient, independent wound care clinics, podiatrists, and long-term care centers. This growth will enable the company to reach more patients and positively impact their lives by providing clinicians with the tools to quickly and accurately identify and quantify bacteria that impair wound healing, in turn improving patient outcomes.
“MolecuLight’s innovative technology has the potential to significantly improve patient outcomes and offers compelling benefits for all healthcare system stakeholders,” said Guillermo Freire, Senior Vice-President, Mid-Market Group, EDC. “We are excited to invest in MolecuLight as they accelerate commercialization. EDC is focused on supporting emerging Canadian innovators in critical sectors essential for the future. This investment reflects our belief in innovation and progress, underscoring mission is to support Canadian companies in their journey to become international leaders in their sectors.”
“We are pleased to invest in MolecuLight. We believe in MolecuLight’s mission to transform wound care and with their innovative technology,” said Pedro Munoz, General Manager at Azahar. “This investment will enable MolecuLight to accelerate its expansion efforts to more healthcare providers worldwide.”
“iGan is proud to continue supporting MolecuLight on their journey to transform the management of wound care,” said Sam Ifergan, Chairman of MolecuLight and Managing Director at iGan Partners.
“This financing is a testament to MolecuLight’s strong market position and the significant impact our technology is having on patient care,” said Anil Amlani, CEO of MolecuLight. “With the support of our investors, we are well-positioned to capitalize on the growing demand for point-of-care fluorescence imaging solutions and deliver exceptional value to our customers.”
Tungsten Advisors served as the exclusive financial advisor to MolecuLight.
1 Ai-Jalodi O, Sabo M, Patel K, Bullock N, Serena L, Breisinger K, Serena TE. Efficacy and safety of a porcine peritoneum-derived matrix in diabetic foot ulcer treatment: a pilot study. J Wound Care. 2021 Feb 1;30(Sup2):S18-S23. doi: 10.12968/jowc.2021.30.Sup2.S18. PMID: 33573495.
About MolecuLight
MolecuLight is the leader in in point-of-care fluorescence imaging. Their innovative devices empower healthcare providers to quickly and accurately detect elevated levels of bacteria in wounds, surgical sites, and other injuries. This real-time visualization of bacteria that is linked to infection empowers clinicians to make informed treatment decisions. Early and accurate detection of bacteria leads to more targeted treatment plans. By optimizing treatment plans, MolecuLight technology helps to accelerate healing and reduce the risk of complications. The multi-modal device combines bacterial detection, wound measurement, and imaging capabilities into a single tool, streamlining workflows and improving documentation accuracy. Integrating seamlessly with electronic medical records, MolecuLight empowers clinicians to deliver the highest standard of care while optimizing their workflow. For more information, please visit www.moleculight.com.
