Dune Medical Devices, dedicated to solving the problem, “Did we get it all” for identifying microscopic residual cancer in real-time, today announced the closing of a $12.3 million dollar financing round. The company is based upon Dune Medical’s revolutionary and proprietary radiofrequency (RF) spectroscopy platform which will be applied to a variety of other cancers following the success of Dune’s first marketed product, the MarginProbe System.
The investment round was led by Canepa Healthcare, ATON Partners, and the Kraft Group. It is the ability of Dune to establish a new standard of care with its existing MarginProbe System and to further develop their RF spectroscopy platform into other applications that has generated the confidence of new and existing investors. “ATON Partners, led by Patrick Sullivan and Dan Levangie, are excited to support Dune Medical as they capitalize on their RF spectroscopy platform not only in breast cancer surgery, but in developing the technology to improve disease assessment in other, often difficult cancers,” said Daniel Levangie, Managing Partner of ATON Partners. “Our investment presents an opportunity for the company to continue its important development work, and in the near-term to fund key strategic initiatives which support MarginProbe access, such as gaining coding and payment.”
Since receiving FDA approval, the MarginProbe System for use in breast cancer lumpectomy procedures, has successfully demonstrated a consistent and significant reduction in re-excisions when women undergo breast conserving surgery after a diagnosis of early-stage breast cancer. To date, three large randomized controlled trials and multiple additional peer reviewed publications have studied over 2,500 women who have undergone lumpectomy with MarginProbe showing a reduction in re-excision rates up to 79%. The impact of this reduction on quality, outcomes and cost is significant when data indicates that without effective margin assessment 20-30% of women who undergo lumpectomy for breast cancer will be faced with an additional surgical procedure to ensure negative margins.
In addition to use during breast cancer surgery, Dune’s RF spectroscopy platform is being explored for other applications and disease sites. In August 2016, Dune celebrated receipt of three million euros awarded by a prestigious EU Horizon 2020 grant to support the continued development of its RF spectroscopy based biopsy system.
Dune Medical CEO Lori Chmura notes, “The syndicate of committed investors demonstrates high optimism around the company’s future.” She added, “This financing round is a testament to the success of the revolutionary radiofrequency (RF) spectroscopy technology that created our first product, the MarginProbe system, and is the basis for our surgical oncology platform which is quickly becoming the standard of care in cancer treatment.”