Biospace Med pulled in $18 million it plans to use to increase its footprint in North America and Europe.
The Paris-based company, which houses its U.S. headquarters in Cambridge, Mass., said it will use the infusion to expand market penetration for its full-body, low-radiation X-ray workstation.
The EOS ultra-low-dose 2D/3D imaging system won 510(k) clearance from the Food & Drug Administration in March for children with spinal problems. The device, which consists of a scanner and a three-dimensional bone-modeling program, can capture head-to-toe images of patients in a standing, weight-bearing position, which can help orthopedic surgeons determine balance, posture and the position of each vertebra. The company says the workstation enables better assessments for surgical planning.
The imaging device emits much smaller amounts of radiation than conventional x-rays and nearly 1,000 times less than a computed tomography scan, which they said is advantageous for children who suffer from scoliosis or other types of musculoskeletal disorders that require regular X-rays.
March also saw Biospace Med ink a distribution deal for the Benelux nations.
The funding round included existing investors Edmond de Rothschild Investment Partners, Crédit Agricole Private Equity, UFG Private Equity, NBGI Ventures, COFA Invest and new backer CDC Entreprises.
CEO Dr. Marie Meynadier said in prepared remarks that the funding round "comes on the heels" of a pair of installations, at San Diego’s Rady Children’s Hospital and Milwaukee’s Wisconsin Children’s Hospital, even as the number of installations continues to rise across the pond.