What happened: Sonic Incytes Medical Corp. closes seed funding round
Why it matters: Company’s handheld medical device is aimed at replacing far more expensive tools like MRIs
A medical device startup combatting fatty liver disease is drumming up investor support to the tune of $3.5 million.
Vancouver’s Sonic Incytes Medical Corp. revealed Thursday (May 28) the close of a seed financing round that includes $1 million from Genome BC.
Other investors include Small World Group, Think Top Investments, Sunhope Venture Capital, World Changing Ventures, TMFOX, UBC Seed Fund and E-Fund
Sonic Incytes is developing a portable ultrasound tool to assist physicians with the treatment and care of fatty liver disease, which has been on the rise amidst growing levels of diabetes and obesity in society.
Funding is aimed at commercializing the point-of-care device that’s expected to hit the market by the end of 2020.
The handheld device takes about five minutes to administer within a doctor’s office and is aimed at competing with more expensive and invasive methods like MRIs and biopsies.
Sonic Incytes isn’t treating the disease, but rather helping physicians assess and manage liver health.
“This financing will go a long way in helping us redefine the standard of care in quantifying fatty liver disease. Physicians will soon be able to accurately diagnose liver disease with a solution comparable to MRI,” CEO George Aliphtiras said in a statement
“Access to a point of care diagnostic solution that replaces biopsy and MRI is an urgent unmet need for effective patient management, and we are ideally positioned to address this emerging health crisis.”