HistoSonics has closed on seven figures worth of seed capital over the last year as the Ann Arbor-based startup pushes forward the clinical trails of its biotechnology that treats prostate disease.
The 5-year-old company raised an $11 million Series A in 2009 and is in the process of raising a Series B. It raised $3.5 million in a couple of interim fundraising rounds over the last year as it preps to land an even bigger Series B.
"We're looking to do a much larger round next year," says Christine Gibbons, president & CEO of
HistoSonics. "We're thinking the first quarter of 2016."
The University of Michigan spinout got its name by combining histo (meaning tissue) and sonics (meaning sound waves). The firm’s primary platform is a medical device that uses tightly focused ultrasound pulses to treat prostate disease in a non-invasive manner with robotic precision.
HistoSonics and its team of 15 people (four more than last year) is currently in the midst of its clinical trails, which it has completed enrollment in. It plans to expand that clinical trail in the next year and wrap it up by 2016. HistoSonics is also looking to add more applications for its platform over the next year, which it is looking for partners in the medical device world.
"This next round of financing we are looking for strategic partners and investors," Gibbons says.
Source: Christine Gibbons, president & CEO of HistoSonics
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.