Dune Medical Devices said today that it raised another $12 million it plans to use to expand the indications for the radiofrequency spectroscopy technology used in its MarginProbe cancer detection device.
Alpharetta, Ga.- and Caesarea, Israel-based Dune said the $12.3 million round was led by Canepa Healthcare, ATON Partners and the Kraft Group.
Dune said it plans to use the funds to find other cancers the technology, which is designed to provide real-time detection of cancer cells on the margins of tumors. MarginProbe won FDA approval for use in breast lumpectomies in January 2013; today the company said more than 2,500 patients in a trio of large randomized trials and peer-reviewed studies showed re-excision reduction rates of up to 79%.
In August 2016, Dune won a $3.4 million grant (€3 million) to develop the technology for soft tissue biopsy.
“The syndicate of committed investors demonstrates high optimism around the company’s future,” Dune Medical CEO Lori Chmura said in prepared remarks. “This financing round is a testament to the success of the revolutionary radiofrequency (RF) spectroscopy technology that created our first product, the MarginProbe system, and is the basis for our surgical oncology platform which is quickly becoming the standard of care in cancer treatment.”
“ATON Partners, led by Patrick Sullivan and Dan Levangie, are excited to support Dune Medical as they capitalize on their RF spectroscopy platform not only in breast cancer surgery, but in developing the technology to improve disease assessment in other, often difficult cancers,” said Daniel Levangie, Managing Partner of ATON Partners. “Our investment presents an opportunity for the company to continue its important development work, and in the near-term to fund key strategic initiatives which support MarginProbe access, such as gaining coding and payment.”