Israeli imaging systems maker Dune Medical Devices touted the successful raise of $14 million in equity financing, looking to secure another $7 million before October to support its commercialization efforts.
The company’s flagship MarginProbe cancer detection system has been on the market since early last year, but Dune hopes to "significantly increase the market’s access to the MarginProbe throughout the U.S." with the addition of news funds.
The MarginProbe system allows clinicians to get a real-time view of cancerous tissue during surgery, helping to ensure that all diseased cells are excised without having to resort to additional procedures. The device won conditional FDA approval in November 2012 and full approval in January 2013. MarginProbe has been on the European market since 2008 and won CE Mark clearance for a next-generation model in February 2013 month later.
"Our initial U.S. launch began with a small, dedicated team of reps in Q3 last year and now surgeons have conducted over one thousand MarginProbe procedures," CEO Dr. Dan Hashimshony said in prepared remarks. "We are thrilled that the MarginProbe is so well received in the U.S., and that patients and surgeons are seeing consistently strong results."
The funding was planned in 2 stages, with the 1st $14 million round already closed with the help of new and previous funders, including Kraft Group and Canepa Advanced Healthcare Fund, among others. The 2nd $7 million tranche is set to close by October 2014, according to a press release.