Clinical trials and venture capital. Those are major milestones the team at HistoSonics is working to hit before the end of this year.
The Ann Arbor-based life sciences startup is aiming to finish raising a Series B round of venture capital and finish its first clinical trial by the end of this year.
"Those are our two biggies," says Christine Gibbons, president & CEO of
HistoSonics.
HistoSonics spun out of the University of Michigan four years ago. It's primary product is a medical device that uses tightly focused ultrasound pulses to treat prostate disease in a non-invasive manner with robotic precision. The technology helped inspire the company's name by combining histo (meaning tissue) and sonics (meaning sound waves).
HistoSonics has a team of 11 people after adding three new researchers over the last year. It is currently working on a completing a clinical study measuring the safety of their product. The startup is aiming to submit its technology to the FDA for approval in 2016.
HistoSonics also raised $11 million in Series A funding in 2009. It is seeking another $12 million to $15 million in a Series B round this year.
"We have gotten some interim funding from our investors so we haven't had to raise a Series B yet," Gibbons says. "We want to get that wrapped up by early fall."
Source: Christine Gibbons, president & CEO of HistoSonics
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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