Early-stage medtech developer Techsomed said yesterday that it raised $2.6 million to support its BioTrace image analysis platform designed to predict post-treatment ablation morphology in real time in a round led by Johnson & Johnson (NYSE:JNJ) Innovation.
Funds from the offering will be used to support FDA, PMDA and CE Mark approval in the European Union, the Israel-based company said.
Financing was led by JJDC and joined by existing and new investors SCREEN Holdings, AMIT-Technion, NextLeap Ventures and Axil Capital, Techsomed said.
“This investment signals our full confidence in Techsomed’s technology and abilities going forward. The BioTrace system targets and addresses an essential clinical need. We believe that overcoming surgical limitations through real-time predictive imaging will become the new standard of care, making thermal ablation safer and more effective,” Axil Capital managing partner Fred Shane said in prepared remarks.
The company’s BioTrace system integrates with standard ultrasound devices to track the target tissue’s unique biological signatures as it responds to thermal ablation. The signature is used to visually simulate the post 24-hour thermal effect in real-time to improve control and accuracy during the procedure.
“Techsomed’s BioTrace system was designed to empower surgeons to fully realize the potential in thermal ablation therapies by reducing potential complications. This latest round of financing will further empower us to develop and commercialize this critical technology,” founder and CEO Yossi Abu said in a press release.