- Vita Imaging has opened a new round on Dealmaker Securities at a valuation of $40.1M, up just 0.4% from its 2023 round of $39.94M.
- The most important change to consider in this round is that the company indicated its target FDA approval by the end of 2023. In this round, the company states that “FDA review is in its final stages and targeted for completion in 2024.”
- While timeline changes are common for Medical Technology companies seeking FDA approval, Vita has not addressed the reason for this delay.
- While the company did not produce updated financial statements, buried in the Form C is the following statement:
“As of December 31, 2023, the Company had $121,806 cash on hand. In addition, as of December 31, 2023, the Company has approximately $404,411 of unused credit pursuant to a $1.5 million convertible line of credit with the founder and CEO Mr. Thinh Tran. If the Company raises the minimum Offering Amount of $15,000, then management anticipates that the cash on hand and line of credit are sufficient to fund the next eight months of operation. If the Company raises the Maximum amount of the Offering, $4,120,000 then management anticipates that the cash on hand and line of credit are sufficient for the next three years.
We believe the funds from this campaign are critical to our operations. These funds are required to support the Aura product’s existing FDA clearance application and build enough units to begin sales and marketing.”
Read the full offering circular HERE.
- This indicates that the company needs a capital infusion, given that it ran at a loss of—$837,822 and—$1,112.284 in 2022 and 2021, respectively. While we don’t know what the loss was in 2023, we can assume it was around these figures and that the current cash on hand is insufficient to get the product to commercialization.
