Medical Device Developer Promaxo Closes Second Tranche of Series A Funding

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Promaxo will use the funding to advance the development of the company’s suite of office-based, high resolution MRI, and MR compatible guidance devices for biopsy and treatment.

Medical device developer Promaxo, Inc., announced today that it has closed a $2.2 million second tranche of Series A funding. MicroPort Scientific Corporation led the round as strategic investor, with participation from RocSon Medtech Fund and Almond Tree Capital Fund, respectively.

Promaxo will use the funding in conjunction with co-developer MicroPort to advance the company’s suite of office-based, high resolution MRI, and MR compatible guidance devices and consumables, which are designed to eliminate the inefficiencies, complexities and costs of current prostate cancer diagnosis and treatment protocols.

Promaxo’s unique MR technology platform, which was showcased by NSF at CES, is protected by over 30 issued and pending patents. Previously, Promaxo raised $3.5 million in first tranche Series A funding with MicroPort as a lead investor, $1.4 million in seed funding, and over $9 million in NIH and NSF grants.

“We are pleased to further solidify our partnership with MicroPort,” commented Amit Vohra, Promaxo’s President and CEO. “The funding jumpstarts our capacity to execute on our innovation pipeline, and advance our portfolio of consumables and guidance tools that are transforming the screening, diagnosis and treatment of prostate cancer.”

“Our vision is to improve human life through the practical application of innovative science,” commented Jonathan Chen, MicroPort’s Chief International Business Officer. “We look forward to working closer with the Promaxo team as we collectively strive to help millions of men and families around the world.”

For more information visit http://www.promaxo.com or email hello(at)promaxo(dot)com.

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Amit Vohra
Promaxo, Inc.
+1 (240) 428-0040
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