Endomag Raises $10 Million USD (£8M GBP) to Establish a New Standard of Breast Cancer Care
July 23 2018 - 4:25AM
Business Wire
- Series C funding led by Draper
Esprit
- Brings total funding for Endomag to
over $22 million USD (£17M GBP)
- Investment will be used to expand
commercial activity
Surgical guidance company, Endomagnetics Ltd (Endomag), today
announced that it has raised $10 million USD (£8M GBP) Series C
funding, led by Draper Esprit. This investment brings total funding
for Endomag to over $22 million USD (£17m GBP) and will enable the
company to significantly expand its capabilities, with the aim of
treating more cancer patients around the world.
Endomag is pioneering the use of magnetic sensing for
minimally-invasive surgical guidance to ensure cancer can be
targeted and removed more accurately. Their products address unmet
clinical needs in availability, workflow efficiency and surgical
accuracy to provide a better experience for patients with breast
cancer. With this investment the company can now focus on rapidly
expanding its commercial activity in all markets and planned
product development.
Dr Eric Mayes, CEO at Endomag, said: “2018 is shaping up
to be the most significant year in Endomag’s
history. Alongside securing this investment, we won a Queen’s
Award for Enterprise in Innovation and received a 510K FDA
clearance to extend the use of our Magseed® magnetic marker – and
it’s only July! This funding greatly increases our ability to
scale in our primary markets and drive our continued growth.”
Lead investor Draper Esprit is the European division of the
Draper Venture Network, founded by illustrious Silicon Valley
venture capitalist Tim Draper, an early backer in companies such as
Skype, Tesla and SpaceX. Draper Esprit’s investment in Endomag is a
strong vote of confidence in the management team and the medical
device company’s vision and future plans.
Vishal Gulati, Healthtech investor at Draper Esprit,
commented: “We all know someone who has been affected by
cancer, so having access to better cancer care benefits us all.
Endomag is really kickstarting a revolution in how surgeons target
the removal of tumours, something they’ve already demonstrated for
breast cancer treatment. We’ve known about Endomag for a number of
years and are excited to partner together.”
Since their inception in 2007, the team at Endomag has been
applying their understanding of magnetic sensing technologies to
develop products to help surgeons accurately locate and remove
tumours as well as determine if the cancer has spread to other
parts of the body. The company’s products have already been used in
over 35,000 procedures across 300 hospitals in more than 30
countries.
Prof Laura Esserman MD, Director of University of California
San Francisco (UCSF) Carol Franc Buck Breast Care Center
said: “I’ve been a huge supporter of this technology for a
long time. The Sentimag® platform offers patient-centred products
that dramatically improve the efficiency of localising breast
cancers and sentinel nodes. These tools provide a better patient
experience, replacing a stressful procedure (wire placement in the
breast the day of surgery) with a simple placement of a small clip
in the week prior to surgery – not only is it better for patients
it is more accurate, safe, and efficient.
Endomag continues to improve their products and innovate. Their
tools add real value to both patients and surgeons and has changed
practice that will improve the way we treat breast cancer in the
United States.”
For more information on Endomag and their recent announcements,
visit www.endomag.com
ENDS
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Zyme CommunicationsLorna CuddonTel: +44 (0)7811 996
942Email: lorna.cuddon@zymecommunications.com