NOVATO, Calif.– QT Imaging Holdings, Inc. (OTC:QTIH) (the “Company”), a medical device company engaged in research, development, and commercialization of innovative body imaging systems, is pleased to announce it has received $10.1 million in financing from Lynrock Lake Master Fund LP in the form of a secured note maturing in March 2027.
“This strategic financing positions us to strengthen our financial foundation and streamline operations to deliver the minimum of 100 scanners demanded by our strategic partner over the next two years, which will result in $45 million in revenue. The funding will accelerate the commercialization of our innovative imaging technologies and bring us one step closer to achieving our mission of delivering a safe breast imaging modality to women,” said Dr. Raluca Dinu, Chief Executive Officer.
The Company intends to use net proceeds from the transaction for its working capital needs in 2025 and 2026, including funding the cost of manufacturing products to fulfill orders under the Company’s previously announced distribution agreement with NXC Imaging, Inc. In addition, the Company has repaid the secured Cable Car Note, as defined in the Company’s most recent Prospectus, and fully settled its obligations under the Yorkville Note and terminated the Yorkville SEPA by paying $3 million in cash and issuing a 5-year warrant for 15 million shares. Net of these payments, the Company expects to have $5.5 million of net proceeds before transaction costs remaining from the new financing for working capital purposes.
