OmniGuide landed $15 million in new financing it will use, in part, to rev up an expanded marketing push for its laser surgical tools.
It's a big win for the Cambridge, MA, company, whose devices are based on core concepts developed at MIT. Executives will put the funding infusion toward accelerating a push into the gynecology market. They'll also develop new products for ear, nose and throat-related procedures. OmniGuide has already launched versions of its BeamPath CO2 laser system for brain, head and neck surgeries.
"We look forward to significantly advancing our commercial footprint with this new funding," Scott Flora, OmniGuide's president and CEO, said in a statement.
The technology stands out for its focus on multiple tasks with minimal damage. BeamPath blends cutting, ablation and coagulation. OmniGuide says it causes less tissue damage compared to other laser surgery devices, and the company pitches it as safe to use around nerves, blood vessels and reproductive organs, among with other sensitive spots in the body. The company said BeamPath, which is made at its headquarters, has been used in close to 100,000 surgical procedures so far.
A syndicate of existing investors participated in the equity round, including Stata Venture Partners, Argonaut and Electro Scientific Industries. OmniGuide previously raised $35 million in non-dilutive financing in August 2012, through an affiliate of OrbiMed Advisors.
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