Endomagnetics closes £2.1million series B funding round
Endomagnetics Ltd, the UCLB spinout company that is developing a portfolio of products to improve the standard of breast cancer management, has successfully closed a Series B investment round totalling £2.1million. Participants in the investment round were New Wave Ventures, UCL Business PLC, Sussex Place Ventures and Sarum Capital and this brings the total funds raised by the company since incorporation to £4.6 million.
Hospitals and clinics worldwide are seeking more efficient and effective methods for sentinel lymph node localisation – a key procedure in breast cancer diagnosis and treatment. Endomagnetics’ innovative SentiMag® system uses advanced sensing technology to detect the location of injected Sienna+® tracer material, thus eliminating the need for the short-life radioactive alternatives in use today.
The funds raised through this Series B investment round, coupled with revenues arising from the company’s recently secured EMEA distribution agreement with Sysmex, will allow the company to develop its product portfolio and also expand the company’s business in overseas markets.
Dr Eric Mayes, CEO of Endomagnetics, commented that “The company is delighted that all of its existing investors have demonstrated their continued support for the business through this further fund raising. Reaction of clinicians to Endomagnetics SentiMag® product has been excellent and the team looks forward to capitalising on these opportunities in the months ahead”.
Dr Steven Schooling, who represents UCLB’s interests on the board of Endomagnetics further noted “I am most encouraged by the transition that Endomagnetics has made into revenues and UCLB looks forward to working with the management team as the company seeks to solve critical healthcare challenges through the use of advanced sensors and nanotechnology”.
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