Sonic Incytes Announces New Non-Dilutive Funding to Enhance Company’s Velacur™️ Medical Device
Jan 18, 2023
Sonic Incytes Medical Corp. is pleased to announce its project was selected for investment by the inaugural INOVAIT Focus Fund. INOVAIT is a pan-Canadian network funded by the Government of Canada that invests strategically in projects at the intersection of advanced imaging, minimally-invasive therapies, and artificial intelligence (AI).
Through this three-year, non-repayable investment, the Company is eligible to receive up to CDN $1.18M to enhance Sonic Incytes’ Velacur™️ liver assessment device with the development of an AI-based scanning guide that makes it simpler for non-expert users to perform accurate scans.
Velacur is a portable, point-of-care liver assessment tool used to aid in the diagnosis and management of non-alcoholic fatty liver disease (NAFLD). This condition, characterized by fat deposits in the liver (steatosis), is one of the most widespread liver conditions, affecting 20-30% of the global population, yet frequently underdiagnosed. Early detection is critical as NAFLD can progress to more advanced stages that include the formation of inflammation and fibrosis (non-alcoholic steatohepatitis or NASH) and ultimately cirrhosis and/or liver cancer. Velacur was designed to provide an accessible, affordable, and accurate non-invasive tool that quantifies stiffness and attenuation—indicators of fibrosis and steatosis respectively.
“We are thrilled to have been selected by the INOVAIT Focus Fund in this inaugural round,” said Barry Allen, President and CEO of Sonic Incytes. “This award validates the vital work we are doing to develop an AI-driven tool we believe will have a significant impact on the fight against this silent and growing epidemic. It not only highlights the Government of Canada’s support for innovation in the field of image-guided therapy, but more importantly underscores its commitment to liver health.”
INOVAIT is a pan-Canadian network funded by the Government of Canada and hosted at the Sunnybrook Research Institute with the objective of building a truly integrated image-guided therapy ecosystem, fueling continuous innovation that revolutionizes healthcare globally. Through connecting, educating, and investing in the industry’s brightest minds and most promising ventures, INOVAIT will support and encourage collaborative development and the integration of artificial intelligence (AI) into medical technologies.
About Sonic Incytes
Sonic Incytes believes in creating accessible and affordable health-tech solutions that provide insights to improve patient care. Recognizing the rise of chronic liver disease, Sonic Incytes is on a mission to make liver health a new vital sign. Its novel, point of care ultrasound solution, Velacur™️, is redefining the standard of care in quantifying liver tissue stiffness and attenuation to aid in the clinical management of patients with chronic liver disease.