Middle ear imaging technology developer PhotoniCare today filed an SEC Form D to confirm the sale of nearly $6.3 million in equity.
Champaign, Ill.-based PhotoniCare, which made the first sale in the new notice offering on Aug. 25, 2020, does not intend for it to last longer than one year. It is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer, according to the filing.
A total of 25 investors participated in the funding round, which totaled $6,276,106. Of the total amount sold, approximately $1,073,906 corresponds to the conversion of notes, PhotoniCare said.
No use of proceeds was listed in connection with the offering. The funds will likely be used to continue the development of PhotoniCare’s TOMi scope with advanced, light-based technology for seeing through the eardrum, providing a high-resolution depth image to observe the middle ear.
The non-invasive, FDA-cleared TOMi scope is meant to eliminate guesswork and offers objective data in place of subjective diagnosis, according to the company.
PhotoniCare was included in the list of 20 medical device startups you need to know, compiled by MassDevice and Medical Design & Outsourcing in June.