UCLB spinout company, Endomagnetics Ltd secures funding for expansion and product launch
UCLB spinout company Endomagnetics Ltd, whose magnetic sensing technology will extend the availability of best practice in cancer staging on a global basis, closed a £1.2 million investment round on 5th August 2011.
Existing investors UCLB, Bloomsbury Bioseed Fund and Sussex Place Ventures all participated in the investment round and were joined by Sarum Investment SICAV plc, a recently launched oncology focused venture fund.
The proceeds from the investment round will be used to support team expansion and accelerate the market introduction of the company’s SentiMagTM product and its associated magnetic tracer. SentiMagTM is an ultrasensitive hand-held probe that is capable of detecting specialised, subcutaneously injected magnetic materials and is used to locate lymph nodes to support the diagnosis and treatment of cancer.
“We are delighted to have Sarum joining this important funding round”, said Dr Eric Mayes, CEO of Endomagnetics. “Sarum brings an impressive knowledge network and, alongside our existing investor base, has provided the capital we need to realise the regulatory approval of our magnetic tracer and expand our capabilities in advance of a product launch.”
Dr Steven Schooling from UCL Business PLC commented that “UCLB are pleased with recent progress that the company has made in tackling clinical, regulatory and business development challenges and we look forward to continuing to work with the management team as Endomagnetics seeks to establish itself as a leading player in oncology markets”.
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UCL Business PLC
UCL Business PLC (UCLB) is responsible for commercialising innovations arising from the research base at UCL, one of the UK’s leading research-led universities. UCLB undertakes a broad range of knowledge transfer activities, covering the facilitation of consultancy and collaborative research engagements through to technology transfer, company incubation and investment.
For further information, please visit the website.
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 detecting nanoscale magnetic materials in the human body. London-based Endomagnetics is in the process of delivering its technology to global markets.
For more information please visit: www.endomagnetics.com