Philadelphia, PA (PRWEB) January 26, 2016
PhotoSonix Medical, Inc. today announced that the Company has received over $1.4M to advance development of the CLENS™ device for treating acne. The CLENS™ System uses a proprietary combination of light and ultrasound to destroy the bacteria that causes acne.
The round was led by Princeton BioPharma Capital Partners and included participation from a seasoned group of healthcare executives and entrepreneurs. The Company will also be receiving funding from Ben Franklin Technology Partners of Southeastern Pennsylvania.
During the IMPACT Capital Conference Lion’s Den event in November, PhotoSonix received commitments of $350,000. Following due diligence, the group, led by Michael Wells, Managing Director, Princeton BioPharma, increased their investment to over $500,000. Mr. Wells will be joining the Company’s Board of Directors.
Mr. Wells commented, “We are pleased to lead the Company’s seed round. The acne market is very large with a clear and compelling need for better treatment options.” The Company’s initial experience suggests that the CLENS™ System may provide a non-antibiotic treatment to over 20 million patients in the US that have significant acne.”
Mark Schafer, PhD., President of PhotoSonix, added, “We feel very fortunate to have the support of a pedigreed group of investors. We express our gratitude to the IMPACT organizers for creating a terrific forum for gaining access to early stage capital.”
Approximately 20 million patients in the US have acne severe enough to cause long-term scarring. Expenditures on acne treatment in the US exceed $5 billion.
About Photosonix Medical CLENS™ Technology
CLENS™ (Coincident Light Energy and Non-focused ultraSound) combines low level ultrasound stimulation with blue light energy to achieve a strong anti-bacterial effect, especially in chronic bacterial infections known as biofilms.
Note: The CLENS™ System is an investigational device and not available for commercial use in the United States.