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Endomagnetics Ltd. (Endomag), the surgical consulting firm, announced that it had raised a $ 10 million (US $ 8 million) Series C financing, led by Draper Esprit. This investment brings the total funding of Endomag to more than 22 million USD (17 million GBP) and will allow the company to expand its capabilities considerably, with the aim of treating more cancer patients. in the world.
Endomag is pioneering in the use of detecting minimally invasive surgical indications to ensure that cancer can be targeted and eliminated more accurately. Their products address unmet clinical needs in terms of availability, workflow efficiency, and surgical accuracy to provide a better experience for patients with bad cancer. With this investment, the company can now focus on the rapid expansion of its business activity in all markets and the development of planned products.
Eric Mayes, CEO of Endomag, said: "2018 's announcement as the most significant year in the history of Endomag. In addition to securing this investment, we won the Queen's Award for Innovation in Business and received a 510K FDA clearance to expand the use of our Magseed Magnetic Marker. ® – and this is only in July! This funding significantly increases our ability to grow in our core markets and drives our continued growth.
Draper Spirit is the European division of the Draper Venture Network, founded by Silicon Valley's leading venture capitalist, Tim Draper. companies such as Skype, Tesla and SpaceX. Draper Spirit's investment in Endomag is a vote of confidence in the management team and in the vision and future plans of the medical device business.
Vishal Gulati, Healthtech Investor at Draper Esprit, comments: "We all know people with cancer. So having access to better cancer care benefits us all. Endomag is really a revolution in the way that surgeons target the elimination of tumors, which they have already demonstrated for the treatment of bad cancer. We have known Endomag for many years and we are excited to work together. "
Since its inception in 2007, the Endomag team has been applying its understanding of magnetic sensing technologies to develop products that enable surgeons to locate and remove tumors as well as determine if cancer is safe." Spread to other parts of the body, the company's products have already been used in more than 35,000 procedures in 300 hospitals in more than 30 countries.
Prof. Laura Esserman MD, Director, Center for Disease Control Carol Franc Buck of the University of California at San Francisco (UCSF) said: has been a long-time supporter of this technology.The Sentimag® platform offers patient-centric products that dramatically improve the patient's health. The effectiveness of the localization of bad and sentinel lymph node cancer These tools offer a better patient experience, replacing a stressful procedure (placement of the wire in the bad). ur of surgery) with a simple clip in the week before surgery – not only is it better for patients, but more accurate, safe and effective.
Endomag continues to improve its products and innovate. Their tools add real value to patients and surgeons and have changed the practice that will improve the way we treat bad cancer in the United States. "
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