CHARLOTTE, NC. July 29, 2009 - US HIFU, LLC, a worldwide leader in the development, distribution and use of minimally invasive high intensity focused ultrasound technologies, has secured a $5 million financing commitment from Toronto-based MMV Financial (“MMV”).
US HIFU continues to pioneer on-going cutting-edge clinical research, including immunotherapy and focal therapy, for the treatment of prostate cancer. The company looks forward to expanding plans for clinical trials that will give patients the option to pursue focal therapy, where only the cancerous part of the prostate is removed instead of the whole gland. Studies outside the U.S. have shown that focal therapy may reduce side effects and offer effective cancer control.
“We believe that HIFU is the best positioned energy source to deliver focal therapy. There is a growing trend toward less invasive treatments and a paradigm shift in how prostate cancer is being managed internationally. Currently patients must choose between either active surveillance or radical intervention which are at opposite ends of the spectrum. Focal therapy may represent an optimal hybrid between the extremes that can be viewed as therapeutic surveillance, an approach that seeks to find a balance between cancer control and quality of life considerations. We have secured financing in order to speed the maturation of focal therapy; and we look forward to announcing the start of clinical trials evaluating focal therapy to be conducted at some of the nation’s top academic centers in the coming weeks,” said Steve Puckett, Jr., Chief Executive Officer, US HIFU. “It is an exciting time for HIFU as a technology and this financing allows us to dedicate even more resources to expanding our clinical trials research program which is dedicated to improving the treatment of patients with prostate cancer.”
“MMV is proud to be part of the continuing development of this breakthrough technology and its promise of new hope for thousands of prostate cancer patients,” said April Young, Senior Vice President and Managing Director, US, MMV Financial.
About US HIFU, LLC
US HIFU, LLC is a privately held healthcare company focused on treating primary and recurrent prostate cancer using HIFU, a minimally invasive outpatient procedure. US HIFU was founded in 2004 and is headquartered in Charlotte, N.C.
About the Sonablate® 500
The Sonablate® 500 is a minimally invasive medical device that utilizes ultrasound energy to destroy tissue within the body. It was developed by Focus Surgery, Inc. and is manufactured by Misonix, Inc. (NASDAQ: MSON) who also holds distribution rights in Europe. Takai Hospital Supply Ltd. and THS International distribute the Sonablate® 500 in Southeast Asia and the Middle East. The Sonablate® 500 is not approved for use in the U.S. The Sonablate® 500 remains investigational in the U.S. and is being studied for the treatment of prostate cancer in clinical trials in the U.S. FDA has made no decision as to the safety or efficacy of the Sonablate® 500 for the treatment of prostate cancer.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com.
US HIFU, LLC
April Young, Managing Director
703 397 5157