HistoSonics is getting ready to start clinical trials later this year, which will mark the beginning of the last product development phase for the Ann Arbor-based start-up.
The 3.5-year-old firm, a spin-off from the University of Michigan, is developing a medical device that uses tightly focused ultrasound pulses to treat prostate disease in a non-invasive manner with robotic precision. The company's name, HistoSonics, is a combination of histo (meaning tissue) and sonics (meaning sound waves).
HistoSonics recently finished its regulatory approval process and institutional board of review approval. It is now prepping to begin its first clinical study, which will take up to one year to complete.
"I expect we will have this done in the next month or so," says Christine Gibbons, president & COO of
HistoSonics. She adds that the main clinical study after that will take two to three years to complete.
The company is currently looking to add two clinical research managers to its team of 10 employees and one intern. Making that possible is the $11 million in venture capital HistoSonices scored in 2009. It is in the process of raising a Series B round of seed capital. Gibbons hopes to land between $12 million and $15 million in the Series B.
Source: Christine Gibbons, president & COO of HistoSonics
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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