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Endomagnetics in £2.1m Fund Raising

Published: Monday, August 12, 2013
Last Updated: Monday, August 12, 2013
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The funds will be used to expand the Endomagnetics team and provide additional resource to develop the company’s business in overseas markets.

All the existing investors took part in the latest Series B round: New Wave Ventures, Sarum Capital, UCL Business and Sussex Place Ventures. This brings the total raised by the Company to date to £4.6 million ($7m US).

Endomagnetics has been ramping up sales through Sysmex, its recently appointed distributor for the EMEA region, and new partnerships are being created with hospitals and clinics looking to adopt a more efficient and effective method for sentinel lymph node localisation - a key procedure in breast cancer diagnosis and treatment. Endomagnetics’ SentiMag® system uses advanced sensing technology to detect the location of injected Sienna+® tracer material, eliminating the need for the short-life radioactive alternatives in use today.

“We are delighted that all our investors have demonstrated their continued support for the business through this further fund raising”, said CEO of Endomagnetics Dr Eric Mayes. “Reaction of clinicians to our SentiMag® product has been most enthusiastic.”

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