Surgical guidance company, Endomagnetics Ltd (Endomag), announced that it has raised $10 million USD (£8M GBP) Series C funding, led by Draper Esprit. This investment brings total funding for Endomag to over $22 million USD (£17m GBP) and will enable the company to significantly expand its capabilities, with the aim of treating more cancer patients around the world.
Endomag is pioneering the use of magnetic sensing for minimally-invasive surgical guidance to ensure cancer can be targeted and removed more accurately. Their products address unmet clinical needs in availability, workflow efficiency and surgical accuracy to provide a better experience for patients with breast cancer. With this investment the company can now focus on rapidly expanding its commercial activity in all markets and planned product development.
Dr Eric Mayes, CEO at Endomag, said, “2018 is shaping up to be the most significant year in Endomag’s history. Alongside securing this investment, we won a Queen’s Award for Enterprise in Innovation and received a 510K FDA clearance to extend the use of our Magseed® magnetic marker – and it’s only July! This funding greatly increases our ability to scale in our primary markets and drive our continued growth.”
Lead investor Draper Esprit is the European division of the Draper Venture Network, founded by illustrious Silicon Valley venture capitalist Tim Draper, an early backer in companies such as Skype, Tesla and SpaceX. Draper Esprit’s investment in Endomag is a strong vote of confidence in the management team and the medical device company’s vision and future plans.
“We all know someone who has been affected by cancer, so having access to better cancer care benefits us all. Endomag is really kickstarting a revolution in how surgeons target the removal of tumours, something they’ve already demonstrated for breast cancer treatment. We’ve known about Endomag for a number of years and are excited to partner together,” comments Vishal Gulati, Healthtech investor at Draper Esprit
Since their inception in 2007, the team at Endomag has been applying their understanding of magnetic sensing technologies to develop products to help surgeons accurately locate and remove tumours as well as determine if the cancer has spread to other parts of the body. The company’s products have already been used in over 35,000 procedures across 300 hospitals in more than 30 countries.
Prof Laura Esserman MD, Director of University of California San Francisco (UCSF) Carol Franc Buck Breast Care Center concluded, “I’ve been a huge supporter of this technology for a long time. The Sentimag® platform offers patient-centred products that dramatically improve the efficiency of localising breast cancers and sentinel nodes. These tools provide a better patient experience, replacing a stressful procedure (wire placement in the breast the day of surgery) with a simple placement of a small clip in the week prior to surgery – not only is it better for patients it is more accurate, safe, and efficient. Endomag continues to improve their products and innovate. Their tools add real value to both patients and surgeons and has changed practice that will improve the way we treat breast cancer in the United States.”