Sonic Incytes Successfully Completes Series A Raise of US$7.3M to Accelerate VelacurTM Commercialization
December 7, 2021
Sonic Incytes Medical Corp., a health technology company focused on liver health, is pleased to announce the completion of its US$7.3M Series A with backing from Nimbus Synergies as the lead investor, and support from Nicola Wealth, Mint Venture Partners, Consortium Medteq, Wavemaker Three-Sixty Health, Gaingels and INP Capital, as well as notable angel investors.
The strategic equity round, which was oversubscribed by 150%, comes after the launch of VelacurTM, the first handheld 3D liver health assessment solution, in the US market in early 2021.
Cleared by the FDA, VelacurTM is a handheld, point of care ultrasound solution that quantifies liver disease using technology similar to MRI elastography combined with 3D tissue sampling. It provides consistently accurate results, enabling a clear picture of liver health in real time, so physicians can be confident in the diagnosis, treatment and care of their patients with chronic liver disease. Unlike biopsy and MRI, the procedure is non-invasive, comfortable and convenient. It takes about five minutes and can be performed in a physician’s office.
“Velacur is poised to make a mark as an innovative solution to detect liver disease, and we’re excited to have the support of investors who believe in our vision and mission,” states George Aliphtiras, CEO of Sonic Incytes. “Their support is based on the recognition that fatty liver disease is a significant health issue and underscores the need for an accurate, accessible and affordable point of care diagnostic tool to assess and manage millions affected by this often-silent disease.”
In addition to Nimbus Synergies’ investment, Paul Geyer, CEO of Nimbus Synergies, will be joining the Sonic Incytes’ Board of Directors effective immediately. Over the past 30 years, Geyer has founded or led three companies, and since 2008 has focused on assisting entrepreneurs in building successful businesses as a mentor, partner, and investor.
“Paul is a successful entrepreneur, board member, angel investor, and venture capitalist, and we’re pleased to leverage his expertise as part of our Board of Directors,” explains Aliphtiras.
“Fatty liver disease is a growing global epidemic affecting more than one billion people and is commonly associated with diabetes and obesity. This disease causes permanent liver damage and mortality,” states Geyer. “Our vision at Nimbus is to improve health through Canadian-led innovation and by investing in this technology spun-out of the University of British Columbia, we are helping solve real-world health crises like chronic liver disease.”
About Sonic Incytes Medical Corp.
Sonic Incytes believes in creating accessible and affordable diagnostic solutions – with health insights you can count on – to improve patient care. Recognizing the rise of chronic liver disease, Sonic Incytes has made it its mission to reduce the disease by enabling routine assessment and improved management of liver health. Its breakthrough, point of care ultrasound solution, VelacurTM, is redefining the standard of care in quantifying chronic liver disease – with diagnostic accuracy comparable to MRI.
About Nimbus Synergies
Nimbus Synergies leads early-stage financings in innovative and complementary health technology companies in Canada. By bringing these companies together to share resources, industry specific knowledge, and relationships, Nimbus is accelerating their growth and increasing their likelihood of success. Nimbus is significantly impacting the digital health sector through its leadership as investor, partner, and mentor.