Chennai-based medical device company Perfint Healthcare Pvt Ltd is looking to secure an investment of $40-50 million in which some of its current investors could also participate, according to a report by Business Standard.
“We would be looking at $40-50 million in the next few months to enhance our market position,” S Nandakumar, CEO of Perfint, said in the same report.
Perfint secured $11.04 million investment from Norwest Venture Partners in 2012. It raised its first round of funding in 2007 and since then has raised a total of $32.7 million from investors like IDG Venture and Accel India apart from Norwest.
Perfint has been using this capital to launch its two main products—Robio and Maxio—in new markets in the world. Both these products use image-guided interventional procedures in cancer care and pain care.
Earlier the company announced that US Food and Drug Administration (USFDA) has given its nod to its flagship product Maxio. The product allows doctors to treat cancer by inserting a needle in the affected area to burn or freeze a patient’s tumor.
“This is a Holy Grail from regulatory perspective. This gives us a leverage not only to access the US market, but other global markets as well,” Nandakumar had said in an earlier report by The Economic Times.
The company is also launching its new product Sonio which will have an ability to work with ultrasound scanning machines; it will be out in the first quarter of next fiscal year.
The turnover of the company is expected to touch Rs 100 crore by the end of FY15 against Rs 50 crore clocked in FY14. Perfint is aiming to reach Rs 500 crore in three-four years.
(Edited by Joby Puthuparampil Johnson)