The loan is aimed at "clinical and early commercialization efforts" for Plymouth, Mich.-based Delphinus, according to a press release.
"We will continue to work closely with Delphinus as they move down the path of developing and commercializing their innovative technology," GE Capital’s Anthony Storino said in prepared remarks.
The SoftVue device’s technology is based on the concept that "the interaction of sound waves with cancerous tissue yields a unique signature that can be measured with our device," according to the Delphinus website.
"Conventional ultrasound records only a small fraction of the scattered field and, therefore, a small fraction of the information about the imaged tissue. The SoftVue system, on the other hand, records the entire scattered field. This additional information, ignored by conventional ultrasound imaging, results in a more accurate and complete image of the tissue characteristics," according to the website.
Delphinus is seeking 510(k) clearance from the FDA for the device, according to the release. The company raised $8 million in an equity offering in 2010, led by Arboretum Ventures of Ann Arbor, Mich. Farmington Hills, Mich.-based Beringea LLC co-led the deal and was joined by North Coast Technology Investors. Delphinus spun out of the Detroit-based Barbara Ann Karmanos Cancer Institute in 2009.
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