VisualSonics, a leading manufacturer of high frequency ultrasound imaging systems for the life sciences research market, has announced the successful completion of a second round of venture capital financing. The financing was underwritten by VenGrowth Capital Partners Inc. through The VenGrowth ll Investment Fund Inc. ($5.0 million) and The VenGrowth Advanced Life Sciences Fund Inc. ($7.0 million).
"The company has been very successful to date in developing non-invasive imaging technologies to assist the life sciences researcher and there is tremendous investor confidence in the VisualSonics' business model and go-to-market strategy," said Tom Little, C.E.O. of VisualSonics. Our technology provides a tangible benefit to bioresearchers in a wide variety of applications", says Little, "and we are working closely with our installed base and prospective customers to ensure we continue to provide practical non-invasive, real-time, high resolution imaging solutions.
VisualSonics will use the funds to accelerate advanced research and product development of its VS40 product line. In addition, the funds will serve the company's aggressive growth strategy into the global life sciences research market.
In response to the closing of the deal, Dr. Stuart Foster, company founder and Chief Scientific Officer added, "this financing further validates the VisualSonics' value proposition to the life sciences researcher and will enable us to strengthen our position as a key preclinical research company."
For further information, please contact:
Tom Little
President & CEO,
VisualSonics Inc.
T. 416.482.3890
F. 416.482.3899
E. tlittle@visualsonics.com
About VisualSonics
VisualSonics researches, manufactures and markets an ultra-high frequency ultrasound capable of real-time, non-invasive imaging of anatomic structures to a level of 30 microns. Currently, the product is sold to life sciences researchers for a number of applications including apoptosis research, cardiovascular biology research, cancer research, neurobiology research and reproductive biology research. For further information please visit www.visualsonics.com.
About VenGrowth Capital Partners
With over $1 billion in assets under management, VenGrowth Capital Partners is a Tier One venture capital management group, widely known and respected in the industry. Since it began operations in 1982, VenGrowth's team of seasoned venture capitalists has invested over $700 million in more than 135 companies. These investments have been made on behalf of over 150,000 investors including leading pension funds, insurance companies, family foundations, and individual investors. Investee companies benefit from VenGrowth's substantial experience, resources, and hands-on investment style. VenGrowth's offices are located in Toronto (Corporate Headquarters), Ottawa and Boston, Massachusetts. For more information, please visit www.vengrowth.com.