Endomagnetics has announced raising additional funding, taking the sum raised in the last few months to £1.8 million ($2.9 million). The Company has also announced a move to Cambridge as it expands its operations.
Endomagnetics is a spin out from University College London (UCL), and is developing advanced magnetic sensors originally developed at UCL and at the University of Houston. The move to Cambridge reflects the company’s rapid progress towards commercialisation of its first product. SentiMag® is an ultrasensitive hand-held probe capable of tracking the position of an associated magnetic tracer, Sienna+™, that helps identify critical lymph nodes in support of cancer staging.
The system is now becoming available to clinicians to replace the radioactive isotopes currently used. Not only is the Endomagnetics system simpler and cheaper than the ‘gamma probe’ technique currently used, but it provides a better experience for patients, surgeons and hospitals alike.
The additional investment has been provided by New Wave Ventures alongside internal investors, as an extension to the recent funding round that raised £1.2m in August.
“We are excited about the progress which Endomagnetics is making in the development of this important technique, and in the potential for its adoption around the world”, said Tim Bullock, Chief Executive of New Wave Ventures. “Presently, only a small minority of people have access to the best standard of care techniques which magnetic sensing facilitates.”
Speaking from the company’s new headquarters on Cambridge Science Park, Endomagnetics CEO Dr Eric Mayes agreed: “We are delighted to be expanding our operations to Cambridge, close to so many other excellent technology companies and management talent. We expect to make full use of this as we expand.”
Next month, Endomagnetics will be demonstrating SentiMag to surgeons and oncologists at the Breast Cancer Symposium in San Antonio, Texas, and anticipates another enthusiastic reception from clinicians attending.