Markham-based prostate imaging startup Imagistx has raised $4.2 million in venture capital from several firms. Toronto’s iGan Partners led the round along with IAF, Veddis Ventures and angel investors.
Imagistx will use the capital to conduct large scale multi-site clinical trials, improve its prostate ultrasound imaging system and bring its products to market worldwide.
“We are thankful for the confidence our shareholders have shown in the Imagistx team with their recent investment,” said Imagistx president Randy AuCoin. “This capital will allow us to clinically validate the superiority of our product, and carry out our corporate strategy.”
Imagistx developed the world’s only ultra high frequency ultrasound technology that will dramatically improve prostate cancer detection rates over the current standard of care. The increased resolution and frequency allows for early detection and diagnosis of prostate cancer. It will also provide valuable monitoring tools, supporting a growing trend towards active surveillance. The clinical trials will take place at five leading urology centres across North America lead by John Hopkins.
“We are excited about the investment in Imagistx and have confidence in the superiority of their product. Randy and his team have enormous potential to lead the company and revolutionize the way prostate cancer is detected and treated,” said iGan Partners’ Sam Ifergan.
Prostate Cancer is the most commonly diagnosed cancer among North American men, marking an estimated 25 percent of all new cancer cases. In 2013, 23,600 Canadian men will be diagnosed with prostate cancer and 3,900 will die from the disease. While detection methods are now much more popular than ever before with the advent of Movember, poor ultrasound imaging leads to incorrect diagnosis and treatment.
That’s where Imagistx comes in, having adapted the world’s leading ultra-high frequency pre-clinical ultrasound machine to the human prostate. The company already led a “very successful” pilot study conducted at Johns Hopkins, which can be accessed here.