PENNINGTON, N.J., June 18,
2024 /PRNewswire/ -- Zynext Ventures USA LLC (Zynext Ventures), the Venture Capital
(VC) arm of Zydus Lifesciences, dedicated to fostering disruptive
healthcare innovations, announced its investment in Promaxo Inc.
(Promaxo), a leading US-based developer of portable low-field MRI
systems and minimally invasive robotics.
Promaxo's innovative technology aims to revolutionize patient
care by enabling point-of-care imaging and intervention. Their
portable low-field MRI systems enable early diagnosis and treatment in a
wider range of healthcare settings. The portable Promaxo MRI system
is the first in the USA to receive
an FDA 510(k) clearance for prostate biopsy and treatment. Unlike
traditional MRI, the Promaxo MRI is open and compact with a limited
fringe field and can be placed in a clinic or operating room. The
system is also designed to be compatible with robotic procedures.
The company is currently working to obtain FDA clearance for its
own robot to further enhance precision and predictability in
prostate interventions.
Speaking on the development, the Managing Director of Zydus
Lifesciences Ltd., Dr. Sharvil Patel said, "This investment
underscores Zydus' commitment to supporting innovations that
address unmet medical needs. Promaxo's combination of accessible
MRI technology and robotics for guided interventions has the
potential to significantly improve patient outcomes and broaden
access to vital point of care image-guided interventions for all.
We are pleased to be an investment partner with Promaxo in this
endeavor."
Dr. Amit Vohra, Founder and CEO
of Promaxo, expressed his enthusiasm: "We are thrilled to partner
with Zynext Ventures and leverage their extensive expertise in the
healthcare sector. This investment will accelerate our mission to
enhance quality of care and patients' lives through
customer-centric technology. Zynext's support helps us bring our
cutting-edge solutions to a broader market."
"We are delighted to announce our investment in Promaxo," said
Jay Kothari, Director of Zynext
Ventures. "Their innovative technology aligns perfectly with
Zynext's mission of investing in disruptive new-age healthcare
solutions that elevate patient outcomes."
According to the National Cancer Institute (NCI), there are
currently around 3.3 million men living with prostate cancer in the
US, with an estimated 300,000 new cases expected in 2024.
Approximately one million prostate biopsies are performed annually,
and the total prostate biopsy and treatment market is valued at
approximately $3 billion in the US
alone. Additionally, Promaxo is seeking to expand into other
adjacent areas, such as female pelvic, kidney, breast, and
orthopedics.
About Zynext Ventures
Zynext Ventures is the Venture Capital arm of the global
pharmaceutical company Zydus Lifesciences. Headquartered in
Pennington, NJ, Zynext seeks to
support and catalyze the development of groundbreaking technologies
with the potential to solve unmet healthcare needs. For more
details visit https://zynextventures.com/.
About Zydus
Zydus Lifesciences Ltd. with an overarching purpose of
empowering people with freedom to live healthier and more fulfilled
lives, is an innovative, global lifesciences company that
discovers, develops, manufactures, and markets a broad range of
healthcare therapies. The group employs 26,000 people worldwide,
including 1,400 scientists engaged in R & D, and is driven by
its mission to unlock new possibilities in lifesciences through
quality healthcare solutions that impact lives. The group aspires
to transform lives through path-breaking discoveries. Over the last
decade, Zydus has introduced several innovative, first-in-class
products in the market for treating unmet healthcare needs with
vaccines, therapeutics, biologicals and biosimilars. For more
details visit www.zyduslife.com.
About Promaxo Inc.
Promaxo was founded by a team of entrepreneurs and healthcare
innovators to develop a minimally-invasive and patient-centric MRI
and robotic platform. Based in Oakland,
California, and backed by over 200 patents, the Company's
mission is to improve lives through state-of-the-art medical
imaging, robotics and AI capabilities. With a compact and adaptable
MRI, Promaxo is redefining the standard of care by improving the
quality and speed of patient diagnosis and interventions.
To learn more about the technology behind the MRI system and its
scope, please visit: Promaxo.com.
LinkedIn: Promaxo
Twitter: @Promaxo
Facebook: Promaxo
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SOURCE Zydus Lifesciences Ltd