Cianna Medical said today that it raised $8 million for its Savi Scout breast cancer device, including a $4 million debt round from GE Capital and another $4 million equity round from existing backers.
Aliso Viejo, Calif.-based Cianna’s Savi Scout is designed to produce audible and visual indicators surgeons can use to tag cancerous tissue during lumpectomy and biopsy procedures.
The surgeon uses a hand piece that emits infrared light and electromagnetic waves to locate a reflector placed in target tissue as long as a week before surgery. After reaching the surgical bulls-eye, the surgeon takes out the target tissue and the reflector, according to the company. No radiation is involved. It is designed for breast conservation surgery, where surgeons remove all detectable cancer cells.
The device won 510(k) clearance from the FDA in December 2014.
Cianna said the investors in its latest funding round included Novo Ventures, Fog City Fund, Saints Capital and Emergent Medical Partners. Proceeds from the round are earmarked for Savi Scout’s national launch, the company said.
“We appreciate the support of our investment partners, and these additional funds will enable us to devote appropriate resources to launch our newest product, Savi Scout,” president & CEO Jill Anderson said in prepared remarks. “We’re excited to build on our position as a market leader in breast brachytherapy, and believe our transformative technology for better guidance during breast conserving surgery will deliver better outcomes for patients and clinicians alike.”
“Savi Scout has performed extremely well in the clinic to date and we are excited by the enthusiasm within the medical community to more widely adopt this breast tumor localization technology into widespread clinical practice,” added Dr. Pat Whitworth of the Nashville Breast Center. “We expect the ongoing clinical evaluation study, which is investigating efficacy, patient and surgeon satisfaction within a variety of clinical settings across the U.S., will provide further clinical validation of Savi Scout and reinforce its value among patients and healthcare providers.”
Cianna said it’s backing a 150-patient investigator-led trial of the device, which is about half-way enrolled. Final results are slated for later this year, the company said.