MedX Health Secures $2M in Private Placement to Advance Non-Invasive Skin Disease Analysis and Assessment System

On August 29, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical device company MedX Health (MedX) announced a non-brokered private placement financing, aiming to raise US$2 million.

MedX will use the proceeds from this financing round to develop a non-invasive skin disease analysis and assessment system, aiming to improve patients’ quality of life and the standard of care.

MedX, founded in 1999 and headquartered in Ontario, Canada, is a leading medical device and software company. The company primarily focuses on skin cancer and common dermatological conditions, developing cost-effective, high-efficacy systems for the analysis and assessment of skin diseases to provide patients with non-invasive, non-pharmacological treatment options. MedX was listed on the TSX Venture Exchange in Toronto in February 2008 under the stock symbol MDX.

MedX boasts an experienced management team. Louie Canitano, the company’s Chief Operating Officer and a healthcare industry expert, oversees clinical development and manufacturing operations. Larry Petersen, Director of International Business Development, manages MedX’s product distribution network.

MedX has developed medical devices, including phototherapy equipment and imaging systems, for use by trained healthcare professionals. The company aims to leverage advanced technologies to improve patient outcomes and enhance the quality of medical care.

In its early stages, MedX was dedicated to researching photobiomodulation (PBM) and engaged in the research and development, manufacturing, and distribution of medical devices related to light therapy. These devices are primarily applied in the fields of rehabilitation and dentistry, with indications including pain, tissue injury, swelling, and inflammation, providing patients with effective, non-toxic, and non-invasive treatment options.

Phototherapy is a method that utilizes sunlight or artificial light sources, such as infrared rays, ultraviolet rays, visible light, and lasers, to prevent and treat diseases and promote physical rehabilitation. Currently, heliotherapy has been incorporated into the field of balneology and convalescent medicine.

In 2011, MedX acquired assets and operations related to SIAscopy technology for scanning moles and skin lesions. This technology enables painless, non-invasive imaging of structures up to 2 millimeters beneath the epidermis and uses specialized software to generate real-time images for dermatologists. SIAscopy is highly efficient, capable of detecting all types of moles or skin lesions in a very short time.

Skin cancer is the most common cancer worldwide, with over 13 million new cases diagnosed annually and approximately 60,000 deaths. Among these diseases, the diagnosis rate of melanoma is rising rapidly, even surpassing that of seven other most common cancers, including prostate and breast cancer. Nevertheless, most skin cancer patients can be cured through prevention and early screening.

MedX developed the DermSecure telemedicine platform based on SIAscopy technology. Furthermore, this technology is embedded in medical devices such as SIAMETRICS, SIMSYS, and MoleMate. These products, developed using SIAscopy technology, have been approved by regulatory bodies including Health Canada and the U.S. Food and Drug Administration (FDA), and have obtained CE marking for the European Union. They are commercially available in Canada, the United States, Australia, New Zealand, the European Union, and Turkey.

(Compiled by Xu Xiaoxue)