Genome BC Invests $1M in Breakthrough Solution for Detecting Chronic Liver Disease, Closing Off Sonic Incytes’ $3.5M Financing Round
VANCOUVER, British Columbia, May 28, 2020 (GLOBE NEWSWIRE) -- Genome BC is pleased to announce $1 million in funding to Sonic Incytes Medical Corp., completing the company’s seed financing round of over CDN$3.5 million supported by institutional investors, angel funds and private individuals. Vancouver based Sonic Incytes is developing a breakthrough, point of care ultrasound solution for assessing and managing chronic liver disease – an emerging global health crisis, affecting one in four persons worldwide.
In addition to Genome BC’s investment, Sonic Incytes also raised over $2.5M in seed financing from institutional investors Small World Group, Think Top Investments and Sunhope Venture Capital, as well as angel investors World Changing Ventures, TMFOX, UBC Seed Fund and E-Fund.
Fatty liver disease is the fastest growing and largest segment of chronic liver disease, driven largely by the increasing prevalence of diabetes and obesity. The continued growth in patients and emergence of potential new therapies creates an urgent need for a cost-effective, quick, and accurate diagnostic solution to assess and manage the progression and treatment of this disease.
"We are pleased to provide Sonic Incytes with $1 million in capital through our Industry Innovation (I2) Fund,” says Dr. Tony Brooks, Chief Financial Officer and Vice President, Entrepreneurship & Commercialization at Genome BC. "Our investment, alongside funding from other investors, will help Sonic Incytes commercialize this innovative solution and make a significant difference in the management of liver disease and improve overall health and wellness."
“This financing will go a long way in helping us redefine the standard of care in quantifying fatty liver disease. Physicians will soon be able to accurately diagnose liver disease with a solution comparable to MRI,” said George Aliphtiras, CEO, Sonic Incytes Medical Corp. “Access to a point of care diagnostic solution that replaces biopsy and MRI is an urgent unmet need for effective patient management, and we are ideally positioned to address this emerging health crisis.”
Currently definitive diagnostic tools for fatty liver disease are limited to biopsy and MRI, which are expensive, invasive and time-consuming. Sonic Incyte’s portable, handheld solution uses technology similar to MRI elastography, quantifying liver disease using 3D tissue sampling. It is a point of care solution that provides consistently accurate results, and a clear picture of liver health in real time, so that physicians can be confident in their diagnosis, treatment and care. In addition, the entire procedure takes about five minutes in a doctor’s office, contributing to a quick, safe and comfortable patient experience.
About the Industry Innovation Fund:
Genome BC has invested in Sonic Incytes through its Industry Innovation (I²) program. The I² Fund provides commercialization support for companies developing innovative life science technologies that address biological challenges in key economic sectors in BC: Agriculture, Energy and Mining, Environment, Fisheries and Aquaculture, Forestry, and Human Health. The I² Fund also supports digital health and other technologies that further move precision medicine into clinical practice. I² funding is repayable and is allocated to promising technologies (products, processes or services) at the early stages of commercial development. The Fund aims to provide risk capital that is concurrently matched by other public or private funding sources.
About Genome British Columbia:
Genome British Columbia leads genomics innovation on Canada’s West Coast and facilitates the integration of genomics into society. A recognized catalyst for government and industry, Genome BC invests in research, entrepreneurship and commercialization in life sciences to address challenges in key sectors such as health, forestry, fisheries and aquaculture, agrifood, energy, mining and environment. Genome BC partners with many national and international public and private funding organizations to drive BC’s bioeconomy. www.genomebc.ca
About Sonic Incytes Medical Corp.:
Recognizing the rise of fatty liver disease, Sonic Incytes has a mission to reduce the disease by enabling routine assessment and management of liver health. It plans to enter the market with its breakthrough, point of care ultrasound solution at the end of 2020. In April 2020, Sonic Incytes was recognized as a Ready to Rocket Life Science company for its innovative technology and potential for growth. Founded in 2017, Sonic Incytes is a medical device company headquartered in Vancouver, British Columbia, Canada. www.sonicincytes.com
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Sonic Incytes Medical Corp.
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