Toronto-based medical imaging company MolecuLight has secured a nearly $10 million (US$7.5 million) loan from Oxford Finance LLC, a U.S. healthcare and life sciences finance firm.
The proceeds will support the commercial growth of MolecuLight i:X, a real-time, handheld fluorescence imaging solution for the global wound care market. The device helps clinicians diagnose and treat chronic wounds.
Founded in 2013 by CSO Ralph DaCosta, and led by CEO Anil Amlani, MolecuLight is backed by Canadian healthcare technology venture capital firm iGan Partners and other investors.
Last week, MolecuLight announced the sale of its clinical oncology business to Photonamic GmbH & Co KG.
Oxford Finance LLC Provides $7.5M USD Term Loan to MolecuLight®Inc. to Support Global Commercial Expansion
TORONTO, Canada – (August 19, 2019) MolecuLight Inc., the world’s leader in handheld fluorescence imaging for real-time visualization of bacteria for chronic wounds, announced it has secured a $7.5 million USD term loan from Oxford Finance LLC, a specialty finance firm providing senior debt to life sciences and healthcare services companies worldwide. The financing will further support MolecuLight’s commercial expansion for the growing global demand for its MolecuLight i:X device. The MolecuLight i:X is a safe, portable fluorescent imaging device that assists clinicians in visualizing clinically significant bacteria in chronic wounds in real time, digitally measuring the wounds and assisting in optimizing the treatment pathway at the point-of-care.
“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. With hundreds of MolecuLight devices deployed globally and a breadth of clinical, peer-reviewed evidence, the demand for the device is understandable”.
“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.”
In the US, the MolecuLight i:X is indicated as a handheld imaging tool that allows clinicians diagnosing and treating skin wounds at the point-of-care, to (i) view and digitally record images of a wound, and (ii) view and digitally record images of fluorescence emitted from a wound when exposed to an excitation light.
About MolecuLight Inc.
MolecuLight Inc. (www.moleculight.com) is a privately owned Canadian medical imaging company that has developed and is commercializing its proprietary fluorescent imaging platform technology in multiple clinical and commercial markets. MolecuLight’s initial product and accessories, the MolecuLight i:X®, delivers a real-time handheld fluorescence imaging solution for the global wound care market. It provides clinicians with new information about the fluorescent characteristics of wounds to assist clinicians in making improved diagnostic and treatment decisions. The company is also commercializing its unique fluorescence imaging platform technology for other markets with globally relevant unmet needs including food safety, consumer cosmetics and other key industrial markets.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit oxfordfinance.com
For further information, please contact:
CEO, MolecuLight Inc.