Seno Medical is inching to its $39 million fundraising objective, having brought in $34.6 million in its Series C equity funding round.
San Antonio-based Seno has been at this for some time, and for this round has brought in MedCare Investment Funds as a lead investor. The funding is going towards the company’s U.S. pivotal study of the Imagio breast imaging device, as well as chasing CE Mark approval in Europe.
“We owe MedCare and our other loyal investors so much gratitude for their years of support as we have worked towards our goal of offering women a more effective, safe diagnostic imaging option for breast cancer,” CEO Janet Campbell said in prepared remarks. “We currently have all 16 of the sites in the Imagio Pivotal Study enrolling subjects and currently over half have been enrolled. In the meantime, we are actively seeking our CE Mark clearance, which we expect sometime during the first quarter of 2014.”
Seno, which makes opto-acoustic imaging technology designed to locate cancerous tumors in breast tissue, drummed up some $15 million in November 2012 for its technology. The Imagio system uses laser light to slightly heat the tumor, which then emits an acoustic pressure wave that’s detected by an array of sensors to pinpoint its location. A pivotal clinical trial of the Imagio device hit the 100-patient mark a year later.
The Imagio system looks for the extensive system of blood vessels that typically grow around cancerous tumors, which require significant amount of blood and oxygen to support their accelerated growth. An Imagio reading showing extensive vasculature and low oxygen levels may indicate cancer, according to the company.
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