Australian medical technology company ImpediMed has agreed to receive $15m financing for five years from SWK Holdings, to support its growth and commercialisation efforts.
ImpediMed’s SOZO Digital Health Platform enables the detection and monitoring of lymphedema by leveraging bioimpedance spectroscopy (BIS) technology.
Approved by the US Food and Drug Administration (FDA), the platform facilitates clinical assessment of breast cancer-related lymphedema (BCRL).
The SOZO platform enables effective and accurate screening of lymphedema and is currently covered by US health payors for more than 258 million individuals
ImpediMed CEO and managing director Parmjot Bains said: “We are pleased with our agreement with SWK Holdings and the confidence they have shown in ImpediMed, as well as in the future of our SOZO Digital Health Platform.
“SWK’s proven approach to supporting innovative healthcare companies makes them an ideal partner for us as we pursue our commercial growth strategy over the next five years.
According to ImpediMed, lymphedema is a chronic condition commonly caused due to cancer treatment and is challenging to detect before symptoms appear.
Its SOZO Digital Health Platform leverages BIS to identify fluid changes early, enabling intervention before lymphedema becomes a chronic condition.
With the new funding in place, the company believes that its capital base is well-positioned to support the continued execution of its commercial strategy.
Bains added: “We are confident with the business’ direction, and this was reinforced throughout our due diligence process.
“In conjunction with our existing cash reserves, this facility gives us the time and funding flexibility required to execute on our business plan and fully capitalize on the BCRL opportunity.”
SWK Holdings is a life science-focused speciality finance company investing in small- and mid-sized commercial-stage companies.
The company provides non-dilutive financing to fuel the development and commercialization of lifesaving and life-enhancing medical technologies and products.
Its unique financing structures offer flexible financing solutions at an attractive cost of capital to create long-term value for all SWK stakeholders.
Armentum Partners served as its exclusive financial advisor on this transaction.
SWK Holdings underwriting director JD Tamas said: “We believe that the SOZO Digital Health Platform is revolutionizing how clinicians assess and manage fluid and body composition, ultimately improving patient outcomes.
“We are excited to provide this capital to support ImpediMed’s continued mission to improve the lives of patients by pushing the boundaries of what’s possible in fluid and tissue analysis.”
