HTX provides $750,000 funding to Profound Medical through Technology Assessment Program

Profound Medical Inc to conduct clinical trials in North America and Europe

HTX, a member of the Canadian Venture Capital Association, announced today it provided $750,000 in financing to Profound Medical Inc. (www.profoundmedical.com) through their Technology Assessment Program. HTX's funding was part of a $9.4M Series A financing led by a syndicate of venture investors which includes the Business Development Bank of Canada (BDC) and Genesys Capital Partners. The company is developing a minimally-invasive treatment for prostate cancer based on MRI-guided high frequency ultrasound therapy that is designed to diminish the collateral damage and side effects associated with current surgical procedures. The financing will enable Profound to appoint up to 15 new employees and support a multi-site, human safety/feasibility clinical trial and regulatory approval initiatives in North America and Europe.

Paul Chipperton, CEO of Profound comments, "HTX is fulfilling a very important market need right now. Ontario is a world-leading centre of medical device research, but development has been stalling due to under investment in the sector. HTX has emerged in a very few years to play a pivotal funding and support role."

"This product will have a major impact on the quality of life of prostate cancer patients, but only if it gets to market successfully.   Companies like Profound that understand this and can chart a viable path to market, represent the talent and opportunities we want to support," adds John Soloninka, President and CEO of HTX.