Toronto-based Profound Medical Corp. entered into a term loan agreement with the Cibc Innovation Banking, which provides Profound with up to $18.75 million of available borrowing capacity. The first tranche of $12.50 million was funded upon execution of the agreement. At Profound's option, a second tranche of up to an additional $6.25 million will be available to the company through Dec. 31, 2019, subject to the satisfaction of certain financing and product development milestones and other borrowing conditions. Profound plans to use the proceeds to repay its current debt, including the remaining balance under its April 2015 loan agreement with Knight Therapeutics Inc., and for working capital purposes. In connection with this transaction, Profound issued to Cibc 321,714 common share purchase warrants, with an exercise price of 0.97 per common share and a term of five years. The agreement will be secured against the assets of the company and is subject to TSX approval. Profound's Tulsa-Pro combines real-time MRI with transurethral, robotically driven therapeutic ultrasound and closed-loop thermal feedback control to provide ablation of the prostate while simultaneously protecting critical surrounding anatomy from potential side effects.
Tucson, Ariz.-based Radiance Therapeutics Inc., reported a $1 million first tranche closing of a targeted $7 million round of financing. The investment will be used to fund development of its Beta Ophthalmic System for delivery of beta irradiation therapy to improve glaucoma surgery outcomes.