MedTrace accomplishes funding of DKK 21M.
MedTrace Pharma A/S has completed a capital raise against equity to advance our preparations for the upcoming clinical trial phase III. Three new investors have injected cash into MedTrace along with current investors and loans have been converted to new share capital.
The proceeds extend the company’s runway well in to 2021 and finances finishing the application for the FDA regarding starting phase III of the study within cardiology. This will lead the way to approval for clinical use in the US.
MedTrace has already entered into commercial contracts concerning use of our prototype and we expect to enter in to three more contracts during 2020. In total we have produced seven fully functioning prototypes. Of these seven, two have been installed in Denmark, two in the US, one in Japan and the remaining two are to be installed in The Netherlands and Sweden within the next 3-6 months.
With the current funding, we expect to position ourselves even stronger for the up and coming Series A fundraising, that will finance the clinical trial phase III.
CEO Martin Stenfeldt: “The fundraising is proof of a strong belief in MedTrace’s technology, and we look forward to continuing the development of our company with the new co-owners. We currently have a lot of new and exciting initiatives in play and the new funding makes it possible to realize really valuable goals for the company’s future.”
Chairman for MedTrace Pharma A/S’s Board of Directors Ulrik Spork: “It is a great joy for the company to welcome new investors on board and to see the current investors continue to support the company with new funding, especially during this time when other concerns take up a lot of attention.”
MedTrace Pharma A/S was founded in 2015 with a vision to make the tracer 15O-water practically available for clinical use and increase the diagnostic precision in scanning of heart patients, optimize the patient throughput and reduce the radioactive exposure to staff and patients. The tracer 15O-water has been recognized as the gold standard for measuring blood flow but has never been practically available due to its short half-life (=short usage time). MedTrace has developed a platform technology that makes it possible to safely use 15O-water in clinical practice. There have been made promising studies regarding the use of 15O-water in oncology, neurology and diabetes besides cardiology.
More information: Martin Stenfeldt: +45 28 10 41 49 eller [email protected]