TAKOMA PARK, Md.--(BUSINESS WIRE)--US Medical Innovations, LLC (USMI), a subsidiary of US Patent Innovations, LLC, announced today it has secured a $10.2 million private placement deal from multiple sources including existing partners and new investors. USMI will be using these funds to ramp-up manufacturing of its newly-released Canady Plasma® XL-1000 SMART Electrosurgical Generator (XL-1000) and support the development and release of its Canady Helios™ Cold Plasma Generator (CHCP) and robotic delivery system for the selective treatment of cancer.
CEO Dr. Jerome Canady commented, “We are pleased to have closed this round of private financing at such a critical time in our development efforts. We see this investment by seasoned investors as a strong vote of confidence in our mission to develop disruptive technology that will change the landscape of electrosurgery and cancer therapy.”
In April 2021, USMI completed the first FDA-IDE-approved clinical trial to evaluate cold atmospheric plasma (CHCP) for the treatment of cancer and is preparing for the launch of several Phase II multi-center international trials starting in Q/1 2023. The Company has recently released its new XL-1000 featuring Canady Hybrid Plasma Technology, a high-definition touchscreen, built-in surgical Apps, and a variety of safety and security features. Hybrid Plasma electrosurgery technology is used in more traditional surgeries such as hip and knee replacements.
Dr. Canady continued, “This investment, along with our additional sales revenue will allow us to continue to develop and refine our Cold Plasma technology for treating cancer as well as progress with our strategic plans for a 2023 IPO.”
About US Medical Innovations
US Medical Innovations, LLC (USMI) is a private U.S. biomedical device company and wholly-owned subsidiary of US Patent Innovations, LLC. USMI’s focus is developing advanced innovative affordable plasma and robotic electrosurgical devices and striving to develop innovative devices in the field of plasma technology for the eradication of cancer.
