Endomag raises $10m Series C for tumor detection tech

Surgical guidance company Endomagnetics said it raised a $10 million Series C round for its magnetic sensing technology for detecting cancer.

The £8 million round, led by Draper Esprit, brings the British company’s total raise to more than $22 million, 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 510(k) 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,” CEO Eric Mayes said in prepared remarks.

“I’ve been a huge supporter of this technology for a long time. The Sentimag platform offers patient-centered products that dramatically improve the efficiency of localizing 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,” added Dr. Laura Esserman, of the University of California San Francisco Carol Franc Buck Breast Care Center. “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.”

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