Freedom Meditech, Inc., a San Diego, CA-based developer of non-invasive ophthalmic products for the detection of disease and management of patient health, has secured a $2m line of credit from Silicon Valley Bank (SVB).
Terms of the credit facility, which is in anticipation of a Series B financing, include an initial disbursement with additional funds available upon attaining certain milestones.
The company intends to use the capital to ramp up manufacturing and distribution of its ClearPath DS-120™ Lens Fluorescence Biomicroscope, currently under regulatory review in the U.S. and European Union.
The ClearPath DS-120 incorporates the use of proprietary biophotonic spectroscopy to detect autofluorescence of the crystalline lens of the eye. The ClearPath non-invasively scans blue light into the lens of the eye in less than six seconds.
Led by Craig Misrach, Chairman and CEO, Freedom Meditech plans to launch the ClearPath in international markets with an initial focus on countries that accept the CE Mark and CSA Certification Mark.
The company maintains research and development operations throughout California and Cleveland, Ohio.