LightIntegra secures $6.9M Series A led by Boardwalk Ventures – updated

LightIntegra Technology (LIT) has raised CDN $6.9 million Series A funding led by Boardwalk Ventures Inc. and with participation of Tower Beach Capital Ltd., Coleco Investments, and Quimby Investments (VCC) Ltd. BC Genome provided $1 million in debt/royalty financing as part of the financing.

The financing closed in two tranches.

Vancouver based LightIntegra Technology is a privately funded medical diagnostics company launched from the Canadian Blood Services R&D labs through the efforts of research scientist Dr. Elisabeth Maurer.

LightIntegra’s ThromboLUX is a rapid in-vitro test that assesses platelet activation status. As a routine test for platelet concentrates, ThromboLUX identifies which platelet units may be best suited for prophylaxis and which units may be best suited for therapeutic use.

LightIntegra Technology intends to use funding to bring its test to the US market.

Update: total tranched funding amounted to $6.9 million (not as $5.9 million initially reported) in Canadian currency.

photo credit: LightIntegra

News Release

LightIntegra Raises $5.3 Million USD Series A Funding to Introduce ThromboLUX
Test for Blood Platelet Activation Status to US Market

Medical Diagnostics Company Aims to Improve Efficacy of Platelet Transfusions

VANCOUVER, CANADA, April 23, 2019 – LightIntegra Technology (LIT), developer of the first 5-minute test for platelet activation status, announced that it has received $5.3 million USD Series A funding to bring its test to the US market. The investment was led by Genome BC and Boardwalk Ventures Inc. and includes funding from Tower Beach Capital Ltd., Coleco Investments, and Quimby Investments (VCC) Ltd.

“We are thrilled to be investing in ThromboLUX,” said Norm Francis, CEO of Boardwalk Ventures Inc. “The current shortage of platelets represents a critical advancement in supporting healthcare institutions and blood centers. This test provides a more strategic approach to efficient use of platelets by ensuring greater awareness of platelet activation status.”

ThromboLUX, a non-invasive, rapid, easy-to-use optical test, does not require dilution. It relies on the principle of dynamic light scattering to determine the size and distribution of all particles in a platelet sample. The technology is based on the premise that healthcare providers need to get the right bag to the right patient at the right time.

Activated platelets are optimal for clotting and therefore most effective for trauma or surgery patients. Non-activated platelets are optimal for cancer patients. The current standard of care assumes all platelet bags are the same; however, up to 50% of a platelet bag inventory may be activated. When activated platelets are given to immune-compromised patients, such as those with cancer, it could potentially lead to failed transfusions. Multiple failed transfusions result in platelet refractoriness, which can ultimately lead to death.

“It’s well known that platelet transfusions impact the care of cancer patients; however, it may not be known that success depends on the activation status of platelets. Since 32% of platelet transfusions fail, implementing a solution to determine activation status is imperative,” said William Dubiel, President and CEO at LightIntegra Technologies. “ThromboLUX removes platelet variation from the blood management process, reducing ineffective transfusions and refractory cases. The expected results are improved patient outcomes, safety, and reduced healthcare costs.”

About LightIntegra Technology, Inc.

LightIntegra Technology is a privately funded medical diagnostics company launched from the Canadian Blood Services R&D labs through the efforts of research scientist Dr. Elisabeth Maurer. LightIntegra’s efforts to minimize platelet refractoriness have resulted in the introduction of ThromboLUX, a rapid in-vitro test that assesses platelet activation status. As a routine test for platelet concentrates, ThromboLUX identifies which platelet units may be best suited for prophylaxis and which units may be best suited for therapeutic use. To learn more, follow us on Twitter or LinkedIn.

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Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.