PinPointe USA, Inc. Secures Additional Venture Capital Funding
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--New Capital from Silicon Valley-Based Western Technology Investment Will Allow PinPointe USA to Accelerate Marketing and Build International Business-- CHICO, Calif.--(Business Wire)-- PinPointe USA, Inc.,a privately held emerging medical technology company which introduced the PinPointe FootLaser, today announced it has received additional venture capital funding. The capital infusion, from Western Technology Investment, a respected 30-year Silicon Valley veteran, is a clear indication of PinPointe USA`s marketplace strength, vitality and growth potential. This type of transaction financing is typically reserved for rapidly growing and profitable companies. Bob Katz, President & CEO of PinPointe USA, said: "We`re delighted to obtain this additional working capital from Western Technology Investment. While the company is cash flow positive and profitable, this new investment will allow accelerated development of a variety of international business opportunities." David Wanek, Investment Partner, Western Technology Investment, noted: "We are excited to be working with PinPointe, USA and are delighted to be providing capital to further promote the company`s expansion. We have been impressed by the significant demand from the medical community for their product." About Onychomycosis Onychomycosis is a fungal infection of the nail (toenail and fingernail). It is the most common of the diseases affecting the nail and constitutes about a half of all nail abnormalities. The prevalence of onychomycosis is about 8 - 10% in the adult general population. The causative pathogens of onychomycosis include dermatophytes, candida, and non-dermatophytic molds. Treatment of onychomycosis is challenging because the infection is typically embedded within the nail and is difficult to reach. As a result, full removal of symptoms can be very slow and may take a year or more. Current treatment therapies for onychomycosis, including pharmaceuticals, represent approximately a $1Billion market, although effectiveness of current treatment regimes is typically less than 10% and may carry significant side effects. About PinPointe USA, Inc. Founded in 2004, PinPointe USA, Inc. is a privately held, emerging medical technology with headquarters in Chico, California. PinPointe USA has assembled a world-class group of scientists, academic thought leaders and leading clinical practitioners from around the world to bring to market a new generation of laser technology to address onychomycosis (toenail fungus) and other footcare therapies. For more information, please visit us at www.PinPointeUSA.com. About Western Technology Investment Founded in 1980, Western Technology Investment (WTI) is the world`s oldest and largest venture debt fund financing venture-backed companies in the technology, healthcare and cleantech industries. WTI`s 12th fund builds upon the success of the firm`s 30-year history, which includes investments in companies such as Brocade, Cerent, Facebook, Google, IDEC Pharmaceuticals, Infoseek, IronPort, Juniper Networks, NanoSolar, Postini, Transmeta, VeriSign, and many others. DBA Public Relations Matthew Calderone, 212-388-1400 ext. 29 mcalderone@dba-pr.com Copyright Business Wire 2009
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