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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Promaxo Announces Financing Agreement with Kineo to Support Growth Plans

September 29, 2021 GMT

OAKLAND, Calif.--(BUSINESS WIRE)--Sep 29, 2021--

Promaxo, Inc. (“Promaxo” or the “Company”), a medical imaging, robotics, and AI technology company, today announced an asset financing agreement with kineo finance (kineo), a leading financing and working capital solutions provider for medical technology, robotics, and other high tech companies. The agreement allows Promaxo to expand its commercial and customer sales programs to include a direct leasing solution.

“We are pleased to add direct leasing as an option to our growing network of physician practices and academic centers. kineo’s expertise and understanding of the high tech medical imaging industry was a key consideration in our decision to partner with them to create a tailored sales-and-lease-back program to benefit our customers,” said Dr. Amit Vohra, Founder, and CEO of Promaxo. “The financing program supports our growth initiatives, and we look forward to continued market penetration of our platform technology.”

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“Promaxo has developed a proprietary system for point of care diagnostic biopsies and treatment of cancers, with a $3 billion addressable market for in-office urology procedures. We welcome the opportunity to support Promaxo as it drives a shift into in-office diagnostic and therapeutic procedures. We look forward to what the future holds for Promaxo,” said Mr. Andrew Brigham, President USA at kineo finance.

About kineo finance
kineo finance is a Swiss-headquartered asset financing group with global reach and with subsidiaries in the USA and Germany. kineo provides tailor-made venture leasing and working capital solutions for companies which are starting the commercialization of new products and services with a hardware component. kineo enables young companies to offer their customers product/market-specific “equipment-as-a-service” solutions via pay-per-use, renting or subscription models. Backed by large institutional investors, kineo offers a broad industry network and know-how and actively supports high-growth companies to accelerate the market entry of their innovations.

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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 90 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. The Company has formed numerous long-term and strategic partnerships with investor groups and corporation as it prepares to enter the US market.

To learn more about the technology behind the MRI system and its scope, please visit: Promaxo.com.
LinkedIn: Promaxo
Twitter: @Promaxo
Facebook: Promaxo

View source version on businesswire.com:https://www.businesswire.com/news/home/20210929005333/en/

CONTACT: Investors

Gilmartin Group

Vivian Cervantes

e:IR@promaxo.com

Media

Jive PR + Digital

Ashley Best

e:ashley@jiveprdigital.com

m: 604.839.2745

www.jiveprdigital.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: SOFTWARE RADIOLOGY PROFESSIONAL SERVICES HARDWARE ONCOLOGY DATA MANAGEMENT MEDICAL DEVICES TECHNOLOGY BIOTECHNOLOGY FINANCE OTHER TECHNOLOGY HEALTH

SOURCE: Promaxo, Inc.

Copyright Business Wire 2021.

PUB: 09/29/2021 12:00 PM/DISC: 09/29/2021 12:02 PM

http://www.businesswire.com/news/home/20210929005333/en