UK-based surgical guidance company Endomagnetics (Endomag) has secured new financing during a series C round to support the expansion of its magnetic sensing technology to better detect and treat cancer.
The funding round raised $10m and was led by Draper Esprit, the European unit of Draper Venture Network. The new financing brings the company’s total funding to more than $22m.
Endomag aims to leverage magnetic sensing technologies in minimally-invasive surgical guidance to facilitate more accurate targeting and the removal of cancer.
The company primarily focuses on catering to unmet clinical needs in availability, surgical accuracy and workflow efficiency in order to deliver an enhanced experience for breast cancer patients.
It plans to utilise the latest financing to rapidly expand its commercial activity across all markets, as well as to support the planned product development.
Endomag CEO Eric Mayes said: “2018 is shaping up to be the most significant year in Endomag’s history. This funding greatly increases our ability to scale in our primary markets and drive our continued growth.”
The company’s portfolio includes Sentimag, Sienna+, Magseed and Siennova. The Sentimag instrument is designed to offer ultrasensitive detection of sentinel lymph nodes in both hospitals and clinics.
Sienna+ is a tracer that generates transient magnetic response to allow the identification of sentinel nodes by using the Sentimag.
Magseed uses Sentimag to guide surgeons during breast lumpectomy. This device is intended to simplify treatment, enhance patient experience and support improved outcomes.
Siennova is a therapeutic hyperthermia system designed for use in combination with chemo- and radiotherapy. Initially, the system is being developed for potential use in bladder cancer therapy.
Till date, Endomag products have been used in more than 35,000 procedures across 300 hospitals in more than 30 countries.