MolecuLight receives $7.5 million USD loan from Oxford Finance

Toronto-based MolecuLight, which develops fluorescence-guided imaging for visualizing bacteria of chronic wounds, has received a $7.5 million USD loan from Oxford Finance.

Oxford Finance provides senior debt to life sciences and healthcare services companies, and has originated over $5 billion in loans, with lines of credit ranging from $5 million to $150 million.

“It provides us the additional resources to build our global commercial organization to support the significant demand from wound care practitioners.”
– MolecuLight’s CEO

The financing will allow MolecuLight to support the commercial expansion for its Moleculight i:X device. The MolecuLight i:X device, which is portable, allows clinicians viewing bacteria of chronic wounds to digitally measuring the wounds and optimize treatment.

“Securing this funding bolsters MolecuLight’s financial position as it provides us the additional
resources to build our global commercial organization to support the significant demand from wound care practitioners for our MolecuLight i:X device,” said Anil Amlani, MolecuLight’s CEO.

“There is no other real-time point-of-care method other than the i:X by which to visualize fluorescence, which is indicative of clinically significant bacteria and therefore allowing wound care clinicians to optimize their decision-making about treatment pathways,” he stated. “With hundreds of MolecuLight devices deployed globally and a breadth of clinical, peer-reviewed evidence, the demand for the device is understandable.”

Last week, MolecuLight’s oncology business was acquired by Photonamic, a Germany-based pharmaceutical firm. At the time, Rob Sandler, chief marketing officer at MolecuLight, said the acquisition allows the company to expand its core technology. The two companies — which will form a subsidiary of Photonamic, called SBI ALApharma Canada — will research 5-ALA, an amino acid derivative produced in mitochondria. The compound is metabolized in cancer cells, and can be activated by violet or blue light, sharply visualizing the cancer cells.

“Oxford provides financing for high growth, high potential medical device companies and we feel that MolecuLight is such an opportunity,” said Christopher A. Herr, senior managing director at Oxford Finance LLC. “The combination of their i:X device, its powerful value proposition against a significant clinical problem, and the experienced team at MolecuLight make this the ideal company for us to finance.”

Image source Unsplash

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.

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