Sonic Incytes raises $3.5 million to bring liver health assessment device to market
Sonic Incytes, a Vancouver-based medical device startup, raised a C$3.5 million funding round. Funding for this startup raised to date now totals C$4.5 million.
Investors in the round included the nonprofit research organization Genome BC, which contributed $1 million through its industry innovation program. Although Genome BC provided most of the capital, no technical lead was named as part of this round. Other participants included Small World Group, Think Top Investments and Sunhope Venture Capital, in addition to angel investors World Changing Ventures, TMFOX, UBC Seed Fund and E-Fund.
“Access to a point-of-care diagnostic solution that replaces biopsy and MRI is an urgent unmet need.”
The new capital will be used by Sonic Incytes to commercialize its medical device that assesses and manages chronic liver disease.
“This funding will go a long way in redefining the standard of care in the quantification of fatty liver disease. Physicians will soon be able to accurately diagnose liver disease with an MRI-like solution,” said George Aliphtiras, CEO of Sonic Incytes. “Access to a point-of-care diagnostic solution that replaces biopsy and MRI is an urgent unmet need for effective patient care, and we are uniquely positioned to address this emerging health crisis. “
Sonic Incyte has developed a portable, non-invasive, wearable solution that measures liver disease using 3D tissue sampling, similar to how a magnetic resonance imaging (MRI) tool works.
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The solution aims to provide an accurate and clear picture of liver health in real time, allowing physicians to have confidence in diagnosis, treatment and patient care. The startup said the whole procedure takes about five minutes in a doctor’s office.
Sonic Incyte spun off from the University of British Columbia (UBC) and was founded in 2017. It has received support from the UBC Innovation Network, a program that transforms discoveries and research partnerships into new technologies, services, treatments and policies. After graduating from the Hatch accelerator program, the company raised $1 million, according to Innovation UBC.
“We are thrilled to provide Sonic Incytes with $1 million in capital through our industry innovation fund,” said Tony Brooks, CFO and Vice President of Entrepreneurship and Commercialization at Genome BC. . “Our investment, along with funding from other investors, will help Sonic Incytes bring this innovative solution to market and make a meaningful difference in the management of liver disease and improve overall health and well-being.”
Image source Genome BC.