PhotoniCare Announces a First Close of $4.6 Million in Series B Financing, a Manufacturing Partnership with Gentex Corporation, and Relocation of its Headquarters to Grand Rapids, Michigan
Summary
GRAND RAPIDS, Mich., Dec. 03, 2024 (GLOBE NEWSWIRE) -- PhotoniCare Inc., a medical device company dedicated to delivering innovation to frontline care that demonstrably enhances patient outcomes, is pleased to announce that it has secured $4.6 million in Series B financing, formed a manufacturing partnership with Gentex Corporation for its first-in-class, FDA-cleared OtoSight Middle Ear Scope, and finalized the relocation of its headquarters from Champaign, Illinois to Grand Rapids, Michigan. PhotoniCare will use the proceeds to support our ongoing clinical trial, ramp production and sales of our OtoSight Middle Ear Scope, relocate our headquarters to work more closely with our new manufacturing partner, Gentex, and be nearer to our valued Michigan investor base. PhotoniCares technology will drastically improve care for middle ear infections, which is the leading cause of hearing loss, antibiotic use, and surgeries in children.OtoSight is the first FDA cleared device for middle-ear visualization, offering a new revenue source for providers with unique CPT codes. The company has previously published three peer-reviewed manuscripts demonstrating the utility of the device, and a large randomized controlled clinical trial (RCT) is underway to help drive continued reimbursement strategy and market adoption. 155(10):1137-1142. doi:10.1001/archpedi.155.10.1137[ii] Preciado D, Nolan RM, Joshi R, Krakovsky GM, Zhang A, Pudik NA, Kumar NK, Shelton RL, Boppart SA, Bauman NM.