VC-backed Profound Medical secures $18.75 mln loan from CIBC
Profound Medical Corp (TSX: PRN), a Toronto-based medical device company focused on treatments for prostate cancer and other diseases, has raised an $18.75 million term loan from CIBC Innovation Banking. Arun Menawat, Profound’s CEO, said the deal will allow the company to consolidate debt and increase working capital to support growth. Earlier this year, Profound closed a $34.5 million bought deal financing that included an investment from its founding shareholder, Canadian life sciences venture capital firm Genesys Capital. The company is also backed by BDC Capital's Healthcare Venture Fund. CIBC Innovation Banking launched in January with CIBC’s acquisition of Canadian specialty finance firm Wellington Financial.
1 August 2018•3 mins read
