Medical Device Developer Promaxo Closes $3.5 Million Series A Funding Round

Promaxo will use the funding to perform clinical studies and prepare the regulatory submission of its flagship office-based high-resolution MRI.

Promaxo, Inc., a medical device company developing and commercializing a single-sided MRI, announced today that it has closed a $3.5 million Series A funding, with MicroPort Scientific Corporation as the strategic investor leading the round. As part of the strategic investment, MicroPort will secure exclusive China distribution rights and manufacturing rights of Promaxo’s MRI technology to support China commercialization.

Promaxo will use the new capital, together with $1.4 million in seed funding raised earlier this year, to perform clinical validation and prepare regulatory submission of its office-based high-resolution MRI. The Company’s MRI platform is protected by 33 issued and pending patents, and has been awarded over $9 million in NIH and NSF grants.

Once brought to market, Promaxo’s suite of prostate cancer disease management solutions will transform the screening, diagnosis and treatment of prostate cancer, and improve the lives of millions of men affected by the disease. A video highlighting the Promaxo story and solution is available at: https://youtu.be/AnGAwM2LlkQ

“We are thrilled to have MicroPort on board as a strategic investor and partner,” stated Promaxo’s CEO and President Amit Vohra, PhD, MBA. “The partnership will allow us to leverage MicroPort’s brand, talents, and global footprint to scale Promaxo’s MRI platform, and bring an office-based MRI to the masses.”

In a separate but related announcement, as part of its strategic growth plan, Promaxo has recently added Diego Olego, PhD, MBA, to the Company’s advisory team. Dr. Olego joined Philips in 1986, and over a career spanning more than three decades held several leadership positions in research, technology and innovation management, including Chief Strategy and Innovation Officer of Philips Healthcare.

"I am excited to be joining the Promaxo team,” stated Dr. Olego. “I believe that Promaxo's mobile innovative MR platform promises broad clinical and workflow impact, especially for prostate cancer patients."

About Promaxo Inc.

Promaxo is developing and commercializing office-based high-resolution MRI, real time MRI compatible biopsy and treatment tools, and CAD software for tissue characterization. The company is currently focused on transforming the screening, diagnosis and treatment of prostate cancer.