Endomagnetics in £2.1m Fund Raising
9th August 2013 – CAMBRIDGE, UK – Endomagnetics, the company developing a portfolio of products to improve the standard of breast cancer management, has successfully closed an investment round totalling £2.1 million ($3.2m US). The funds will be used to expand the Endomagnetics team and provide additional resource to develop the company's business in overseas markets.
All the existing investors took part in the latest Series B round: New Wave Ventures, Sarum Capital, UCL Business and Sussex Place Ventures. This brings the total raised by the Company to date to £4.6 million ($7m US).
Endomagnetics has been ramping up sales through Sysmex, its recently appointed distributor for the EMEA region, and new partnerships are being created with hospitals and clinics looking to adopt a more efficient and effective method for sentinel lymph node localisation - a key procedure in breast cancer diagnosis and treatment. Endomagnetics' SentiMag® system uses advanced sensing technology to detect the location of injected Sienna+® tracer material, eliminating the need for the short-life radioactive alternatives in use today.
"We are delighted that all our investors have demonstrated their continued support for the business through this further fund raising", said CEO of Endomagnetics Dr Eric Mayes. "Reaction of clinicians to our SentiMag® product has been most enthusiastic."
Dr Eric Mayes, CEO
Tel: +44 (0)1223 652540
E-mail: [email protected]
Endomagnetics was founded to solve cancer staging and healthcare challenges through the application of advanced magnetic sensing technology and nanotechnology. Endomagnetics is developing a portfolio of medical device products based on a patented ability to detect magnetic materials in the human body with exceptional sensitivity. The technology was originally developed at University College London and the University of Houston.
The company's first product, the SentiMag®, is an ultrasensitive hand-held probe for tracking injected Sienna+® nanoscale magnetic materials in the human body. Cambridge, UK-based Endomagnetics is in the process of delivering its technology to global markets. For more information please visit www.endomagnetics.com.