The Horizons series features companies and technologies that have the potential to address some of the planet’s most pressing challenges. In Endomagnetics’ case, they have developed a medical device called SentiMag^® based on principles of nano-magnetism, which gives clinicians a much simpler and cheaper method for tracking the spread of cancers, especially breast cancer.

As CEO Dr Eric Mayes explained in the video clip, by avoiding the need for radioactive isotopes, the availability of a key technique – sentinel lymph node biopsy – is significantly extended. In some parts of the world, only 5% of the patients who could benefit have access to this technique.

BBC reporter Adam Shaw visited the team in Cambridge as well as filming at Guy’s Hospital, London, where he saw a demonstration of how the SentiMag^® instrument is used in an operating theatre. Shaw was enthusiastic about nanotechnology and commented: “This could be one technology that’s on the wave of what some experts have dubbed the ‘next industrial revolution’”.

You can watch the video clip at: www.horizonsbusiness.com/episode/nanotechnology/

The company picked up the Life Sciences Award, given by the distinguished panel of judges to the most successful university spin-out company. Endomagnetics is developing advanced magnetic sensing technology for use in breast cancer staging, based on technology developed between University College London and at the University of Houston.

Endomagnetics’ success came in the face of stiff competition from companies in several sectors and countries in Europe. The ACES judges took into account the novelty of the research, clear evidence of commercial success and the potential impact on society. Endomagnetics’ magnetic technology can significantly extend the availability of sentinel lymph node biopsy (SLNB), currently the standard of care in tracking the spread of breast cancer.

The awards were announced at The European Entrepreneurship Summit in Brussels yesterday. The ACES, run by The Science Business Innovation Board and now in their fourth year, are the only pan-European awards for enterprise from university and public research institutes. They are intended to foster a culture of enterprise among researchers.

Collecting the Life Sciences Award on behalf of Endomagnetics, Professor Pankhurst, CTO, said: “We are naturally thrilled at our work being selected for this award. We are especially delighted at recognition of the huge potential for magnetic nanotechnology to improve procedures and outcomes for clinicians and patients alike.”

The injectable tracer is used in combination with the ultra-sensitive SentiMag® instrument in sentinel lymph node biopsy (SLNB), currently the standard of care in tracking the spread of breast cancer.

The SentiMag® instrument itself has also been CE approved, so clinicians across Europe now have available a complete system to be used in place of conventional radioisotopes. The need for special handling of radioactive materials means that many hospitals and clinics are not able to use them. As a result, as many as half of the patients in the West who would benefit from the SLNB technique are not able to access it, and availability is much worse still in other parts of the world.

Endomagnetics’ development of the SentiMag® and Sienna+™ system allows best practice SLNB to be performed anywhere, by any practitioner, without substantially changing their working practice. The combined system offers reduced workflow complexity with a corresponding reduction in procedural cost.

“Achievement of CE approval for Sienna+™ is an important milestone for Endomagnetics and our ability to deliver a complete solution to the market,” says Dr Eric Mayes, CEO of Endomagnetics. “It demonstrates that the system has met rigorous EU safety, health and environmental requirements.”

Endomagnetics recently showed its technology at the San Antonio Breast Cancer Symposium and received an enthusiastic reception from oncologists and surgeons from many countries.

Dr Shawcross brings over twenty years of experience in operational and project management and will help grow the operational capabilities of Endomagnetics and support its manufacturers and supply chain. Dr Shawcross has held senior positions at ICI, Zeneca, Avecia and latterly at Cambridge Display Technology (CDT) where he was Business Development Manager.

Dr Harmer brings more than a decade of experience in medical devices and will help develop Endomagnetics’ technical and regulatory capabilities. Dr Harmer joins from Vectura Group plc where he was Project Director on dry powder inhaler products, and was previously responsible for the development of the Aspirair dry powder inhaler technology at Cambridge Consultants.

Both Shawcross and Harmer bring a strong combination of deep technical background with commercial experience in developing and delivering technology to the market. They join Endomagnetics at an important time as the company prepares to launch its SentiMag® system with its magnetic tracer, Sienna+™, on the European market.

“I am delighted to welcome both Andrew and Quentin in these important new roles at Endomagnetics”, said Dr Eric Mayes, Chief Executive Officer. “We are entering an exciting phase as we accelerate the market introduction of the technology, and their combined skills significantly expand the capabilities of the management team.”

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.

Sarum Capital, advising Sarum Investment SICAV plc, an oncology focused venture fund, led this investment round alongside existing investors UCL Business plc, Bloomsbury Bioseed Fund and Sussex Place Ventures. The Sarum fund specialises in investments in the oncology sector, from diagnostics and medtech through to therapeutics and aftercare, and supports companies that it considers to have the highest potential for solid growth and success.

The funds will be used for team expansion and to accelerate the market introduction of SentiMag^® and its associated magnetic tracer. SentiMag^® 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.

Interest in the device has been very strong from the medical community, who see benefits in eliminating the need for, and inconvenience of using radioisotopes in the process of sentinel lymph node biopsy (SLNB). One consequence is the much wider availability of the SLNB technique in regions with supply chain limitations for radioisotopes. In China for example, it is estimated that less than 5% of the population currently has access to this ‘best practice’ technique.

“Endomagnetics sits in our sweet spot, with its clear regulatory pathway and near-term revenue position”, said Jonny Laughton, Partner at Sarum Capital. “Endomagnetics’ system offers a compelling alternative to nuclear isotopes in cancer staging, and the technology has been shown in clinical trials to be an effective and attractive technology in use.”

“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.”

John Brimacombe, Partner at Sussex Place Ventures, commented: “We have been very pleased with the progress of the company since our previous investment in September 2010, and we believe that Endomagnetics is well on track to meet the demand they are seeing from physicians.”

A qualified medic, Gonzalez joins Endomagnetics from Alice Ventures where he was Life Sciences Partner, responsible for all aspects of investments in biotech, medical devices and specialty pharmaceuticals. He has served on the board of ten medtech companies in the UK, Europe and the USA.

Previously he has held senior positions with PowderJect Pharmaceuticals and SmithKline Beecham. He holds an MBA from the London Business School and Bachelor of Medicine and Bachelor of Surgery degrees from the University of Manchester.

“We are fortunate to have attracted someone with Dr Gonzalez’s experience joining Endomagnetics at this important time in our development”, commented Dr Eric Mayes, CEO of Endomagnetics. “Our technology is attracting major interest among clinicians, and John’s background is proving invaluable as we gear up for our commercial rollout.”

Endomagnetics has recently achieved ‘CE Mark’ approval for its first product, the SentiMag™, an ultrasensitive hand-held probe that is capable of detecting magnetic materials in the human body and used to locate lymph nodes in the treatment of cancer.

The SentiMag™ uses magnetic tracers to eliminate the need for radioactive materials in sentinel lymph node biopsy (SLNB), so extending the availability of this important technique considerably.

Alongside a series of meetings with clinicians, investors and supply chain partners, Endomagnetics received significant media coverage. In particular, Endomagnetics’ CEO Eric Mayes was interviewed by Medgadget.com regarding the use of SentiMag™ for sentinel lymph node biopsies. You can watch Dr Mayes’ interview with Medgadget author Sean Duffy below:

Endomagnetics was also covered by KRON4 – The Bay Area’s News Station:

At the show the company announced that it had received CE approval for SentiMag™, opening the way for commercialisation in Europe.

The SentiMag™ is an ultrasensitive hand-held probe that is capable of detecting magnetic materials in the human body. The use of the SentiMag™ in conjunction with magnetic tracers eliminates the need for radioactive materials and dramatically extends the availability of SLNB in breast cancer staging.

Endomagnetics has developed and clinically proven the SentiMag™, allowing best practice SLNB to be performed anywhere, by any practitioner without substantially changing their working practice. Eliminating the scarcity and problems associated with radioactive tracers, the SentiMag™ offers less expensive consumables and reduced workflow complexity.

“We were overwhelmed with the response in San Antonio”, says Dr Eric Mayes, CEO of Endomagnetics. “There was international interest in SentiMag, and it was clear from the feedback that it addresses the big hurdles to adoption of SLNB.”

The company is a pioneer in the use of magnetic sensors for cancer staging and treatment, and was recently selected as one of top twenty UK health-tech companies to take part in the Future Health Mission 2011 to San Francisco in January.

The SentiMag™ is an ultrasensitive hand-held probe that is capable of detecting magnetic materials in the human body. The use of the SentiMag™ in conjunction with magnetic tracers eliminates the need for radioactive materials and dramatically extends the availability of sentinel lymph node biopsy (SLNB) in breast cancer staging.

Endomagnetics has developed and clinically proven the SentiMag™, allowing best practice SLNB to be performed anywhere, by any practitioner without substantially changing their working practice. Eliminating the scarcity and problems associated with radioactive tracers, the SentiMag™ offers less expensive consumables and reduced workflow complexity.

Endomagnetics is showing its technology at Booth 400 at the 33rd Annual San Antonio Breast Cancer Symposium this week, and would be delighted to meet interested parties at its booth and to demonstrate the system.

“We are excited to achieve CE approval for the SentiMag”, says Dr Eric Mayes, CEO of Endomagnetics, who will be at the show. “This approval makes this system available across the EU, which is good news for clinicians and patients alike.”

The company is a pioneer in the use of magnetic sensors for cancer staging and treatment, and has just been selected as one of twenty UK companies to take part in the upcoming Future Health Mission 2011 to San Francisco in January.