Device maker set to hire staff and launch clinical trials of its new prostate cancer treatment
The Focused Ultrasound Surgery Foundation congratulates Profound Medical Inc. (PMI) for closing Canada’s largest, early-stage medical device venture capital financing in recent years. The Toronto-based company is using intellectual property and technology licensed from Sunnybrook Health Sciences Centre to develop an MRI-guided, trans-urethral treatment for localized prostate cancer.
Financing was provided by a syndicate of Canadian investors led by Genesys Capital Partners and the Business Development Bank of Canada. Health Technology Exchange (HTX) provided substantial support through its Business Investment Program.
PMI will use the funds to hire 15 new employees and to initiate human clinical trials in the US, Europe and Canada. As previously reported in this newsletter, two yet-to-be-named hospitals will participate in the company’s US clinical trial which is expected to start later this year. A pilot study, it will evaluate the safety of PMI’s device, treating as many as 30 patients with early stage prostate cancer.
“Our device is a blend of two of the leading techniques for imaging and treatment,” explains the company’s CEO Paul Chipperton. “We use MRI as the best imaging modality to see the target organ. We marry that in a unique way with thermal ultrasound which is a well known and well understood treatment modality. Chipperton says the device has the ability to treat patients three to six times faster with greater accuracy and fewer side effects than existing options.