What happened: Tech firm raises US$5.3 in Series A funding round
Why it matters: Once commercialized, LightIntegra Technology’s blood analyzer could help reduce healthcare costs and assist patients with cancer treatment
A Vancouver-based medical technology firm is raising millions to commercialize what it describes as a first-of-its-kind blood analyzer.
LightIntegra Technology (LIT) announced Thursday (April 25) it’s raised US$5.3 million (C$7.15 million) in a Series A funding round.
LIT has developed an analyzer to provide routine tests for platelet activation status.
Platelets are blood cells that help with clotting to stop bleeding and serve as a key component in immune defence.
LIT’s technology, known as ThromboLUX, can be used to quickly determine platelet quality to avoid ineffective transfusions.
“It’s well known that platelet transfusions impact the care of cancer patients; however, it may not be known that success depends on the activation status of platelets. Since 32% of platelet transfusions fail, implementing a solution to determine activation status is imperative,” LIT president and CEO William Dubiel said in a statement.
“ThromboLUX removes platelet variation from the blood management process, reducing ineffective transfusions and refractory cases. The expected results are improved patient outcomes, safety, and reduced healthcare costs.”
The analyzer is described as a non-invasive optical test taking five minutes to use.
The investment was led by Boardwalk Ventures Inc. and Genome BC, and includes funding from Tower Beach Capital Ltd., Coleco Investments and Quimby Investments (VCC) Ltd.
Genome BC’s $1 million investment stems from its Industry Innovation (I²) fund, which is aimed at commercializing technologies in the province’s life sciences sector.
Funding from I² ranges from $100,000 to $1 million.
"ThromboLUX will dramatically enhance platelet transfusion outcomes and patient health — particularly for those with blood cancers. Our investment, alongside funding from many local private investors, will help LIT commercialize this innovative BC-based product,” Genome BC chief financial officer Tony Brooks said in a statement.