New Financing to Meet Significant Growth in Global Demand for MolecuLight’s i:X® and DX™ Point-of-Care Imaging Devices for the Wound Care Industry
TORONTO, Aug. 11, 2022 /PRNewswire/ – MolecuLight Inc., the leader in point-of-care fluorescence imaging for real-time detection of wounds containing elevated bacterial loads, announced that it has completed a financing with BDC Capital and iGan Ventures. The funds are to support MolecuLight’s continued global expansion to meet growing customer demand for its MolecuLight i:X® and DX™ devices. Leonard Kofman and Jody Staggs, Managing Director of SWK Holdings will join MolecuLight’s Board of Directors as observers.
“With the continued growth in global demand for our i:X and DX platforms, we are happy to announce this financing from BDC Capital and iGan Ventures, who has been an early investor in MolecuLight,” says Anil Amlani, CEO of MolecuLight Inc. “The proceeds will support the continued growth of our commercial operations and infrastructure to meet market demand”.
“We have invested in MolecuLight since inception and are thrilled to see the company achieve global commercial success,” says Sam Ifergan, Founder and President of iGan Partners. “Their customers continue to generate a wealth of published data showing the improved outcomes and cost savings, which is supporting MolecuLight becoming the standard-of-care in wound care globally”.
“BDC is proud to participate in the financing of MolecuLight, an impressive Canadian company that is making a global impact in terms of improving healthcare outcomes,” says Leonard Kofman, Partner with BDC Capital’s Intellectual Property-Backed Financing practice. “MolecuLight solved an unmet clinical need – the need to detect bacterial burden in wounds, and has commercialized a suite of products that is positively impacting wound care globally. Demand for the technology is strong and growing and we believe the company is well positioned for continued growth and success”.
The MolecuLight devices are sold in North America through its direct sales and clinical applications team and internationally through MolecuLight’s 15 specialized distributors in 18 countries.
About MolecuLight Inc.
MolecuLight Inc. is a privately-owned medical imaging company that has developed and is commercializing its proprietary fluorescent imaging platform technology in multiple clinical markets. MolecuLight’s suite of commercial devices, which include the MolecuLight i:X® and DX™ fluorescence imaging systems and their accessories, are point-of-care handheld imaging devices for the real-time detection and localization of bacterial load in wounds and digital wound measurement. MolecuLight procedures performed in the United States benefit from an available reimbursement pathway which include two CPT® codes for physician work to perform “fluorescence imaging for bacterial presence, location, and load” and facility payment for Hospital Outpatient Department (HOPD) and Ambulatory Surgical Center (ASC) settings through an Ambulatory Payment Classification (APC) assignment. The company is also commercializing its unique fluorescence imaging platform technology for other global markets with relevant unmet needs in food safety, consumer cosmetics and other key industrial markets.
Tungsten Advisors served as the exclusive financial advisor to MolecuLight Inc.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
About iGan Partners:
Based in Toronto, iGan Partners is Canada’s leading health technology investors focused on disrupting the sector through breakthrough innovation that dramatically improve patent are while reducing costs. The firm focuses on identifying at an early-stage, then commercializing and scaling technological advancements in AI/Cloud-enhanced medical devices and digital health. iGan provides portfolio companies with smart-capital, active support, and access to a network of industry partners and sector-specific co-investors to help them grow and succeed.
About Tungsten Advisors:
Tungsten Advisors (www.tungstenadv.com) is an investment banking firm focused on strategic advisory and corporate finance for healthcare and technology companies. Tungsten provides transactional services including financings (private placements/PIPEs), corporate licensing and mergers and acquisitions (M&A). Tungsten also focuses on company incubation and makes direct investments alongside the creation of new companies in healthcare and technology.
Securities offered through Finalis Securities LLC Member FINRA/SIPC. Tungsten Partners LLC d/b/a Tungsten Advisors and Finalis Securities LLC are separate, unaffiliated entities.