MONTREAL, OCTOBER 27, 2005 – Resonant Medical Inc., a leader in 3D ultrasound image-guided adaptive radiotherapy products, has secured a US$2.0 million venture loan from MMV Financial Inc to support the North American growth of the company.
"This financing provides us with the flexibility desired in our working capital to better leverage our current business opportunities” said Frédéric Francis, CEO of Resonant. "We were impressed with MMV Financial’s ability to understand our business plan as well as their thoroughness and efficiency."
Resonant’s products allow radiation oncologists to visualize, analyze and adapt to changes in tumor position, shape and volume during the course of the treatment. It therefore gives physicians and medical physicists the ability to more accurately target tumors while sparing healthy tissues.
The company core product, the RESTITU platform, features significant advances in hardware and software imaging technologies that fully harness the advantages of 3D ultrasound for image guidance. The Mutual Referencing technology compares ultrasound data acquired on the day of treatment to the reference ultrasound data acquired at time of treatment planning for ultimate patient positioning accuracy while the Implicit Registration technology enables the fusion of CT and 3D ultrasound images which enhances soft-tissue visualization and improves target definition for treatment planning. By doing so RESTITU enables physicians and physicists to achieve the level of confidence required to plan and deliver today’s ever more conformal radiotherapy treatments.
The RESTITU system is currently being sold in the United States. Pending Health Canada licensing, RESTITU is being used for clinical research in premier hospitals across the country.
“Resonant offers a well proven technological solution geared toward a growing market said Jacques Perreault, SVP, MMV Financial. “Resonant’s technological advantage, strong customer demand and a seasoned team is enabling the company to capture a commanding share of what we believe is a very significant market.”
About MMV Financial:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to mid-stage technology and life sciences companies, with a focus on the Canadian and North American sectors. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including Conning Capital Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. For more information visit http://www.mmvf.com/
For more information contact:
Senior Vice President
MMV Financial Inc.
Resonant Medical Inc.
Chief Financial Officer
Resonant Medical Inc
Tel: (514) 985-2442
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