August 20, 2019
MolecuLight Inc. announced it has secured a $7.5 million USD term loan from Oxford Finance LLC, a specialty finance firm providing senior debt to life sciences and healthcare services companies worldwide.
The financing will further support MolecuLight’s commercial expansion for the growing global demand for its MolecuLight i:X device. The MolecuLight i:X is a safe, portable fluorescent imaging device that assists clinicians in visualizing clinically significant bacteria in chronic wounds in real time, digitally measuring the wounds and assisting in optimizing the treatment pathway at the point-of-care.
“Securing this funding bolsters MolecuLight’s financial position as it provides us the additional resources to build our global commercial organization to support the significant demand from wound care practitioners for our MolecuLight i:X device,” said Anil Amlani, MolecuLight’s CEO. “There is no other real-time point-of-care method other than the i:X by which to visualize fluorescence which is indicative of clinically significant bacteria and therefore allowing wound care clinicians to optimize their decision-making about treatment pathways. With hundreds of MolecuLight devices deployed globally and a breadth of clinical, peer-reviewed evidence, the demand for the device is understandable”.
“Oxford provides financing for high growth, high potential medical device companies and we feel that MolecuLight is such an opportunity,” said Christopher A. Herr, Senior Managing Director at Oxford Finance LLC. “The combination of their i:X device, its powerful value proposition against a significant clinical problem, and the experienced team at MolecuLight make this the ideal company for us to finance.”
In the US, the MolecuLight i:X is indicated as a handheld imaging tool that allows clinicians diagnosing and treating skin wounds at the point-of-care, to (i) view and digitally record images of a wound, and (ii) view and digitally record images of fluorescence emitted from a wound when exposed to an excitation light.