Montreal, December 15, 2005 – Resonant Medical Inc, the technology leader in 3D ultrasound image-guided adaptive radiotherapy, announced today a $24 million Series B financing. The round was led by Ventures West and existing investor MDS Capital. Also participating were current investors BDC Venture Capital, Desjardins Venture Capital, MSBi Capital along with MMV Financial. This represents the largest venture capital investment raised by a private Canadian medical device company this year and the third largest in Canadian History.*
“Resonant has demonstrated impressive growth and has successfully achieved important R&D, operational and commercial milestones. Resonant is now poised to deliver unique and indispensable product offerings to the radiation oncology marketplace,” explains Dr. Maha Katabi, Vice-President of Ventures West. ”We are now fully empowered to protect and increase our innovation and technology lead,” announced Frédéric Francis, CEO of Resonant Medical. “Thanks to the strong support of such top tier institutional investors, Resonant can fulfill its promises to our growing customer base and their patients. This means not only continuing to deliver the best available image-guidance for prostate cancer but also dedicating ourselves to achieving the same impact with our upcoming head & neck, breast and gynecological applications.”
“We have reinvested in a first-rate organization with a solid track record and a commitment to excellence,” adds Dr. Anthony Natale, Venture Partner at MDS Capital. “With this significant financial milestone, Resonant Medical is ensuring its role as the benchmark provider of image guidance for 3D conformal, intensity-modulated and adaptive radiation therapies.”
Resonant’s proprietary 3D ultrasound (U/S) technology allows clinicians to target tumors more accurately while safeguarding surrounding healthy tissues. Using RESTITUTM, Resonant’s 3D U/S image guidance platform, radiation oncologists and medical physicists can now visualize and analyze tumor position, shape and volume during the course of patient treatment. The RESTITUTM Platform is FDA 510k cleared and is presently being used in dozens of academic centers and cancer clinics throughout North America.
The RESTITUTM platform features significant hardware and software advances that enable physicians to achieve the level of confidence required to plan and deliver today’s ever more conformal radiotherapy treatments. These features include such patent-pending technologies as Mutual ReferencingTM which allows for ultimate patient position verification accuracy as well as Implicit RegistrationTM, that permits the fusion of computed tomography (CT) and 3D U/S images for a new level of detail for radiation treatment planning.
“Resonant’s progress has been remarkable since our original investments,” adds Dr. Lewis Slotin, seed co-investor in Resonant Medical. “Resonant now has the opportunity and resources to realize our initial vision of bringing forward breakthrough technologies that will revolutionize the way cancer patients are treated.”
* Source: Thomson MacDonald
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada’s leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds representing over $700 million and has invested in more than 130 companies. Ventures West commands the expertise, capital and people needed to help entrepreneurs shape emerging technology companies into market leaders. http://www.ventureswest.com
About MDS Capital
MDS Capital Corp. and affiliates, with approximately $1 billion under management, is a leading North American venture capital company focused exclusively on providing financial support and other services to help build emerging life science companies. The company provides a continuum of capital, from early through later stages, by raising capital in public and private institutional funds. http://www.mdscapital.com
About Desjardins Venture Capital
Established in 1974, Desjardins Venture Capital is the venture capital fund management arm of the Desjardins Group. It manages the assets of Desjardins, six Desjardins regional investment funds and “Capital régional et cooperative Desjardins”, a public fund created in 2001 with authorized capitalization of $1.375-billion. http://www.desjardins.com/dvc
About MSBi Capital
MSBi Capital is a seed and early stage venture capital fund dedicated to commercializing innovations in life sciences, information technology and the physical sciences. MSBi Capital has a particular focus on establishing and building companies based on technology advancements and inventions originating from the universities of McGill, Sherbrooke and Bishop’s, as well as their affiliated hospitals and research institutes. http://www.msbi.ca
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 CCP Equity Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. http://www.mmvf.com
About Resonant Medical Inc.
Resonant Medical Inc. is a leader in 3D ultrasound image-guided adaptive radiotherapy products which are intended to make an important contribution to the treatment of cancer through radiotherapy in the area of treatment planning, verification and delivery. The company’s core product, the RESTITUTM Platform, is designed to increase the efficacy and reduce the side effects of radiation therapy, resulting in improved quality of life for cancer patients as well as enhanced productivity of cancer centers. http://www.resonantmedical.com
For more information, please contact:
Chief Financial Officer,
T.: 514.985-2442, ext. 270