Scale Finance LLC announces the successful closing of $5 million in senior venture debt for US HIFU LLC (www.internationalhifu.com), a privately held healthcare company focused on treating primary and recurrent prostate cancer using HIFU (High Intensity Focused Ultrasound), a minimally invasive outpatient procedure which significantly improves patients’ quality of life. US HIFU was founded in 2004 and is headquartered in Charlotte, N.C.
The new growth capital will be used to support the company’s healthcare services operations internationally, Phase III clinical trials in the US, and organizational build-out and general working capital. US HIFU currently provides therapeutic services in Canada, Mexico, the Caribbean, South America, and India where the company’s proprietary medical device is already approved. Toronto-based MMV Financial provided the capital. MMV is a leader in providing timely and effective growth capital to emerging technology and life sciences companies throughout North America and drives a $400 million investment program targeting $100 million in new investments per year. MMV’s tailored investment strategy includes long-term venture loans, as well as bridge financing and structured loans for high-growth companies.
Scale Finance’s Dave Gilroy commented, "we’ve been working with US HIFU for the last 18 months on a variety of projects and have been amazed at the company’s progress in serving patients overseas while driving through late stage clinical trials here in the US. In addition, US HIFU’s technology platform around high intensity focused ultrasound and multiple related technologies has continued to broaden in its therapeutic applications in prostate cancer – one of the largest markets in oncology. This Charlotte company has an extraordinary future."
US HIFU LLC also closed on $23 million in venture capital from Galen Partners with Scale Finance’s support in 2008.
About Scale Finance
Scale Finance LLC (scalefinance.local) provides professional CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to growth companies. The firm specializes in costeffective financial reporting, budgeting and forecasting, implementing controls, other financial management, etc, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are fast-growing technology, healthcare, business services, consumer, and industrial companies that are at various stages of development from start-up to tens of millions in annual revenue. Scale Finance LLC has offices in Raleigh/Durham, Charlotte, and Winston-Salem, a team of more than 19 professionals, and serves more than 40 companies throughout the region.