HistoSonics, an Ann Arbor, MI-based non-invasive, image-guided therapeutic ultrasound, closed a $3m bridge financing round.
Backers included Grand Angels, a Grand Rapids, Mich.-based investment group.
The company intends to use the funds to test its non-invasive, histotripsy platform technology, which aims to replace traditional surgical procedures.
Led by Christine Gibbons, President & CEO, HistoSonics has developed Histotripsy, a non-invasive soft tissue ablation modality that mechanically homogenizes target tissue resulting in complete cellular destruction. As a non-thermal modality, histotripsy ablates tissue with no thermal injury. The liquefied tissue is absorbed or voided without remnants or scarring.
The first histotripsy clinical application will be an office/clinic based system for non-invasive, image-guided benign prostate hyperplasia (BPH) treatment.
The company exclusively licensed histotripsy from the University of Michigan.
Other investors in HistoSonics included Venture Investors, Hatteras Venture Partners, Fletcher Spaght Ventures, Early Stage Partners, TGap Ventures.