ALAMEDA, Calif., Dec. 12, 2018 /PRNewswire/ -- Magnetic
Insight, Inc., a developer and manufacturer of transformational
in vivo imaging platforms, announced a Series A financing
led by 5AM Ventures. The proceeds
will allow the company to expand the commercial and operations
teams, scale manufacturing, and develop new application areas for
the technology. In conjunction with the financing, David Allison, PhD, Partner at 5AM Ventures, and Joe
Victor, CEO of RareCyte Inc, will join the board of
directors.
Magnetic Insight has commercialized Magnetic Particle Imaging
(MPI), a new in vivo imaging modality that directly detects
magnetic tracers, enabling deep tissue imaging of functional events
and pathologies not possible with current technologies. MPI offers
unprecedented contrast and sensitivity that transforms preclinical
research and therapy development, with an added promise of clinical
translation.
"We are excited to partner with 5AM Ventures on our Series A financing to help us
meet the global demand for the MOMENTUM MPI system. Since our
commercial launch in 2017, we have delivered systems worldwide and
leaders in in vivo imaging have been publishing on the
MOMENTUM MPI system across applications in cell therapies, vascular
disease and monitoring cancer treatments," said Anna Christensen
PhD, President and CEO of Magnetic Insight.
"Magnetic Insight has the opportunity to transform in
vivo imaging and become a critical tool in life science
research with longer term potential for clinical
applications. We are excited to work with the Magnetic Insight
team to drive new application areas and scale the company
globally," said David Allison, PhD
of 5AM Ventures.
About Magnetic Insight
Magnetic Insight is life science tools company developing
Magnetic Particle Imaging to accelerate preclinical research with
direct translation into the clinic. The company was founded by the
leaders of the MPI program at the University California,
Berkeley and commercial imaging
industry. The company has been supported by prominent startup
incubators, including StartX, CLSA Fast, and NIH C3i. Magnetic
Insight is a privately held company with investors at Sand Hill
Angels, CEG Ventures, StartX-Stanford Fund, and SVTech Ventures,
and grant funding from the Small Business Innovation Research
(SBIR) program of the National Institutes of Health (EB020463).
About 5AM Ventures
Founded in 2002, 5AM actively
invests in next-generation life science companies. With over
$1.4 billion under management,
5AM has invested in 71 companies
including Arvinas, Audentes Therapeutics, Cidara Therapeutics,
Crinetics Pharmaceuticals, DVS Sciences (acquired by Fluidigm),
Envoy Therapeutics (acquired by Takeda), Flexion Therapeutics,
Homology Medicines, Ikaria (acquired by Mallinckrodt), Ilypsa (acquired by Amgen), Incline
Therapeutics (acquired by The Medicines Company), Marcadia Biotech
(acquired by Roche), Novira Therapeutics (acquired by J&J),
Pearl Therapeutics (acquired by AstraZeneca) and Relypsa (acquired
by Vifor Pharma). For more information, please visit
www.5amventures.com.
Contact:
Marketing Operations
Colleen Sullivan
info@magneticinsight.com
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content:http://www.prnewswire.com/news-releases/magnetic-insight-raises-18m-to-support-commercial-growth-of-magnetic-particle-imaging-in-cell-therapy-vascular-and-oncology-applications-300763919.html
SOURCE Magnetic Insight, Inc.