Charlotte-based ultrasound treatment firm raises $5M in financing
CHARLOTTE, N.C. – US HIFU, a healthcare startup based in Charlotte, has raised $5 million in new financing and plans to expand its already existing international operations while seeking regulatory approval in the U.S.
Scale Finance, which also is based in Charlotte with operations across North Carolina, helped US HIFU raise the funds.
MMV Financial in Canada provided the capital.
HIFU stands for High Intensity Focused Ultrasound. The Charlotte company offers HIFU as a minimally invasive means for treating prostate cancer. It launched operations in 2004.
US HIFU’s device is called the Sonablate 500. Developed by Focus Surgery Inc. in Indianapolis, Ind., it is manufactured by Misonix Inc.
According to US HIFU’s web site, Misonix holds a minority equity position in Focus Surgery and is the exclusive distributor in Europe. Takai Hospital Supply Ltd. in Japan also is a minority investor and is the exclusive distributor in Asia.
US HIFU raised $23 million in venture capital with the help of Scale Finance in 2008.
The procedure is already approved in Canada, Mexico, India, South America and in Caribbean nations.
“We’ve been working with US HIFU for the last 18 months on a variety of projects and have been amazed at the company’s progress in serving patients overseas while driving through late stage clinical trials here in the U.S.,” said Dave Gilroy of Scale Finance.
“In addition, US HIFU’s technology platform around high intensity focused ultrasound and multiple related technologies has continued to broaden in its therapeutic applications in prostate cancer – one of the largest markets in oncology,” he added. “This Charlotte company has an extraordinary future.”
Scale Finance offers chief financial officer services as well as controller solutions and support in raising capital as well as assistance with mergers and acquisitions.
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