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SONABLATE CORP ANNOUNCES FORMATION, OVER $70M IN COMBINED SEED INVESTMENT AND DISTRIBUTION AGREEMENT

Updated: Oct 26, 2021

SONABLATE CORP. ANNOUNCES FORMATION, OVER $70M IN COMBINED  SEED INVESTMENT AND DISTRIBUTION AGREEMENT SALES TO ACCELERATE GLOBAL  HIFU DEVELOPMENT


Charlotte, NC (EIN Presswire) July 1, 2021 – Sonablate  Corp. (“Sonablate”), a leader in the development of high intensity  focused ultrasound (HIFU) technologies, closed a combined seed  investment and committed sales distribution agreement totaling over $70  million. This effort was led by SCI, a Canadian investment company. The  joint investment and distribution agreement follows the July 2020  approval of the Sonablate technology by the National Medical Products  Administration (NMPA) of China for the treatment of prostate cancer.


As part of the investment, in May 2021 SonaCare Medical, LLC merged  into a new company to be called Sonablate Corp., under which the  business of SonaCare Medical, LLC will be conducted.  Substantially all  of proceeds of the investment will be used to fund operating expenses  and significantly expand manufacturing capacity of the Sonablate product  line to fulfill the distribution agreement, expand global sales and  marketing efforts, and invest in further research and development of the  Sonablate technology for treatment of prostate disease and other novel  applications.


As part of the formation of Sonablate Corp., the company named  long-time Charlotte, NC based Sonacare Medical, LLC Board member Richard  Yang as CEO. Prior to his appointment as CEO, Mr. Yang served as the  master distributor for Sonablate in Asia, and he comes to Sonablate  Corp. with over 30 years of manufacturing and international trade  experience.  Mr. Yang stated, “I am very enthusiastic about the  unprecedented growth potential of Sonablate, both in the U.S. and China  as Sonablate’s reputation as the global leader in minimally invasive  HIFU technology has been very well recognized”. Mr. Yang went on to  state, “As an American company, Sonablate Corp. will aggressively invest  and cultivate the U.S. market while expanding our footprint in Europe  along with this significant expansion into China”.


Since Sonablate received FDA clearance in October 2015, thousands of  patients have had a Sonablate HIFU prostate procedure across the over 60  locations in the U.S., including top-tier academic institutions in  California, Indiana, Oklahoma, Maryland, New York, Arizona and Texas.   Over 70 U.S. physicians now offer HIFU prostate tissue ablation to their  patients as a minimally invasive alternative to surgery or radiation.


ABOUT SONABLATE CORP.
Sonablate Corp. (“Sonablate”) is a world leader in minimally invasive  focused ultrasound technologies. Sonablate is committed to developing  focused ultrasound related technologies that support precise and  innovative procedures for the treatment of a range of medical  conditions. Sonablate Corp., with its subsidiary Focus Surgery, Inc.,  designs and manufactures medical devices, including the Sonablate®,  which has 501(K) clearance in the U.S and NMPA clearance in China; and  Sonablate®500, which has CE Marking and has obtained regulatory  authorization in more than 50 countries outside the U.S. Caution:  Federal (USA) law restricts this device to sale by or on the order of a  physician.


COMPANY CONTACT:
Sonablate Corp.
Karen Cornett (704) 805-1885
KarenCornett@sonablate.com