Endomagnetics raises additional funding for novel cancer diagnostics probe
23 November 2011
Cambridge, UK. Cancer diagnostics company Endomagnetics has announced it has raised additional funding, taking the sum raised in the last few months to £1.8 million. The Company has also announced a move to Cambridge and two new appointments 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. This is an ultrasensitive hand-held probe capable of tracking the position of an associated magnetic tracer, Sienna+, that helps to 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.”
The company has also announced two key appointments as it expands
in its new Cambridge base. Dr Andrew Shawcross has been appointed
Director Operations and Dr Quentin Harmer is the new Director
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.
In December, 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.