Veran Medical Technologies is on the verge of closing yet another fundraising round in support of its electromagnetic airway mapping system, with just about $1 million to go.
This particular round has brought in $6.5 million since November 2013, with 18 unnamed investors listed in a regulatory filing. This adds to nearly $3 million and $5 million announced in January and March of this year.
The latest announcement includes funds raised through sales of debt, options, warrants and other rights to acquire securities as well as securities to be acquired upon exercise of other securities.
Veran is developing its SPiNDrive 2.0 airway mapping system, which uses the natural structure of the lungs to reach deep regions and target otherwise inaccessible lesions. The SPiNDrive system won FDA clearance in 2010 and Veran named GE Healthcare its exclusive distributor in 2011.
The SPiNDrive device hopes to provide a means to earlier detect signs of lung cancer by using electromagnetic navigation to allow physicians to biopsy solitary pulmonary nodules that are hard to reach by traditional means, according to its website.