Smith & Nephew gets in on Michelson Diagnostics Series B round

February 16, 2015 By Brad Perriello Leave a Comment

Smith & Nephew (FTSE:SN, NYSE:SNN) put down the cornerstone in the 1st tranche of Michelson Diagnostics‘ $3.8 million (£2.5 million) Series B round for its skin cancer detection device.

Kent, U.K.-based Michelson’s VivoSight device uses optical coherence tomography to generate images of tissues and vasculature beneath the skin. Smith & Nephew contributed $2.3 million (£1.5 million) to the Series B tranche, which also included new investor the Kent County Council, and existing backers.

Michelson said it hopes to raise a total of roughly $6.1 million (£4 million) with the round, expected to close "in the coming months." Proceeds are earmarked for expanding VivoSight’s footprint in Germany, where it’s approved to diagnose non-melanoma skin cancer, and for the launch of a next-generation device, according to a press release.

The company said it’s also planning to use the funds to complete a U.S. "biopsy avoidance" clinical trial and "explore further applications of the VivoSight system in areas such as wound care and dentistry.”

Smith & Nephew’s strategic initiatives senior vice president, Andrew Boyes, is slated to join Michelson’s board, according to the release. The companies said they plan to jointly explore "new indications for VivoSight such as the investigation of burn depth assessment."

"At Smith & Nephew we are keen to identify and develop innovative products which have the potential to significantly advance the way in which patients are diagnosed and treated. VivoSight fits that bill and we are very optimistic for its clinical and commercial prospects," Boyes said in prepared remarks.

"We are delighted to welcome Smith & Nephew both as a new investor and also to our board. Andrew Boyes brings a wealth of medical device development as well as industry-specific commercialisation expertise, which will prove invaluable through the next phase of growth at Michelson," chairman Brian Howlett added. "This is an exciting time for the company, as our 1st application of the VivoSight OCT system is rapidly gaining traction with commercial customers and key opinion leaders in Europe and the United States. Smith & Nephew joining the Series B round and taking a board seat not only validates our technology and the commercial impact that the VivoSight OCT system is demonstrating in NMSC imaging and diagnosis, but equally underscores the future potential of OCT imaging in other clinical modalities beyond dermatology."

Michelson raised a $3.2 million Series A2 round in January 2014.

3M posts wider-than-forecast losses in Q4 results, will cut 1,500 jobs
3M (NYSE:MMM) posted fourth-quarter results today that matched the revenue consensus forecast on Wall Street but significantly missed on earnings — with the company announcing plans to cut 1,500 jobs amid a reorganization. 3M Healthcare Q4 sales were up 25.4% year-over-year. The Maplewood, Minn.–based company reported profits of $969 million, or $1.66 per share, on… […]
MIT researchers develop light-based device to measure blood glucose
Scientists at the Massachusetts Institute of Technology (MIT) have shown that they can use a type of spectroscopy to replace finger sticks to measure blood glucose levels. Patients with diabetes must test those levels several times a day and more than half of patients don’t test often enough, in part because of the pain and… […]
Soliton touts scar treatment study results
Soliton (NSDQ:SOLY) today announced positive results from treatment of fibrotic scars using its rapid acoustic pulse (RAP) device. The proof-of-concept study, conducted 12 weeks after a single treatment with the device, showed that 10 patients’ keloid and hypertrophic scars were with smaller. Soliton licensed the technology from the University of Texas on behalf of the… […]
January 2020 Issue: The Leadership in Medical Technology Issue
Miles White’s fearless strategy for growing Abbott CVRx CEO Nadim Yared keeps his edge The 10 greatest medtech advances of the 2010s I’m a medtech expert who survived a tumor in my head The next Roaring ’20s The medtech industry received one of the best holiday gifts it could have hoped for just before Congress… […]
Integer adds IPG manufacturing and testing tech to Mexico plant
Integer Holdings (NYSE:ITGR) announced it has added implantable pulse generator (IPG) cleanroom assembly and testing capabilities at its Tijuana-North facility. The plant is the first Class III active-implantable medtech manufacturing site in Mexico to receive FDA approval, according to the Plano, Texas-based company. Integer has added Class 7 and 8 cleanrooms, and manufacturing and capital… […]
FDA issues draft guidance on multi-use arthroscopy tubing sets
The FDA has issued draft guidance on arthroscopy pump tubing sets intended for multiple-patient use. Clinicians often use a single source of irrigation fluid for multiple patients without replacing the source of irrigation fluid or replacing/reprocessing the irrigation tubing system between patients. These devices are designed to deliver irrigation to the surgical site, these devices… […]
How LED light can break down ingestible medical devices
Researchers at the Massachusetts Institute of Technology have developed an approach to break down ingestible medical devices in the gastrointestinal tract. Medical devices can be inserted in the gastrointestinal tract to treat, diagnose or monitor a number of GI disorders. However, the devices have to removed through endoscopic surgery once completed. The MIT researchers developed… […]
New 510(k) boosts iRhythm, Verily efforts for AFib screening
The latest 510(k) clearance for the Verily Study Watch will further the efforts of the Google sister company and iRhythm Technologies (NSDQ:IRTC) to improve atrial fibrillation treatment. Verily — a life science company under Alphabet (NSDQ:GOOGL) — recently received an FDA 510(k) clearance to include an irregular pulse monitor in its Study Watch wearable. “We’ve worked carefully to meet the FDA’s stringent… […]
Argon Medical debuts IVC filter retrieval kits
Argon Medical Devices (Frisco, Texas) said this week that it has launched single-loop and triple-loop retrieval kits for percutaneous removal of inferior vena cava (IVC) filters that are no longer medically required. The kits are indicated for use via a jugular approach and offer the following features: A coil-reinforced outer sheath with the strength needed… […]
NANS 2020: Neuromodulation news you need to know
Neuromodulation devices from companies including Medtronic (NYSE:MDT), Abbott (NYSE:ABT) and SPR Therapeutics are showing promise treating pain. That’s one of the initial takeaways from study results that medical device companies in the neuromodulation space are touting this weekend at NANS 2020 in Las Vegas. NANS is a joint conference of Congress of Neurological Surgeons and the North American Neuromodulation… […]
Injection Molding Principles
Optimizing custom part designs for injection molding requires a thorough understanding of the process and outcomes. In this e-book, you’ll learn about common molding resins, special molding terms you should know, and most importantly, how to optimize your part with undercuts, even walls, drafts, and more. Download this e-book from Xometry to learn more… The […]