Vancouver’s Prenuvo obtains $1.8M from BDC Capital to open advanced whole-body MRI clinic in the U.S.
Vancouver, November 10, 2020 – Vancouver-based Prenuvo, a pioneer in faster, more accurate whole-body MRI scanning, has obtained 1.8 million dollars from BDC Capital’s Growth & Transition Capital division to open a new clinic in the San Francisco Bay Area in the United States. Prenuvo was founded in 2018 when Dr. Raj Attariwala, a radiologist and nuclear medicine physician with a PhD in biomedical engineering, partnered with experienced tech entrepreneur Andrew Lacy to commercialize the advanced whole-body MRI scanning technology that he had developed over the previous decade. This technology enables diagnostic scans of the whole body to be taken by magnetic resonance imaging (MRI) in a fraction of the time of traditional MRIs and with much greater accuracy. In one 60-minute session, Prenuvo is able to detect any solid tumour at stage 1 and 400 other medical conditions, making it possible for patients to receive treatment sooner, which can in turn lead to better outcomes while reducing overall medical costs. The company has ambitious plans to expand its services to multiple cities across the world and hopes that the technology will eventually be integrated into public healthcare systems.
The San Francisco Bay Area clinic is its first foray outside of Canada. BDC Capital’s non-dilutive financing was used to undertake the construction of the new facility which has recently opened. It comes as a patient mezzanine loan that features a full balloon payment of the principal and a personalized return structure intended to free up more of the company’s working capital over the term. It was designed to grant Prenuvo more flexibility to pursue the growth of its business in the near future.
“Developing a transformational health technology is difficult at the best of times, even more so when the innovation is developed outside of traditional VC hotbeds like the Silicon Valley,” says Andrew Lacy, CEO of Prenuvo. “Without our partnership with BDC Capital this expansion at this speed would not have been possible – delaying what we believe is a transformative approach to healthcare that can positively impact millions of lives.”
This financing was arranged by Kyle Duignan, Director, Growth & Transition Capital at BDC Capital’s Vancouver office. “The calibre of Prenuvo’s founding team in terms of medical, technical and entrepreneurial expertise is simply exceptional, which gives the company a very strong start,” says Duignan. “This made-in-Canada innovation can save a great many lives, and reduce healthcare costs at the same time, which makes us believe in the potential for its exponential adoption in the coming years.”
Prenuvo is an ambitious preventative health company that has pioneered the use of advanced MRI to proactively screen for cancer and disease. Based on 10 years of clinical research, Prenuvo can detect solid tumours at Stage 1 and over 400 other health conditions, leading to much better health outcomes for its patients. Prenuvo operates preventative screening clinics in Vancouver and Silicon Valley. Contact us at prenuvo.com.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.