Missouri-based Veran Medical Technologies is on the verge of closing a $5 million funding round in support of its electromagnetic airway mapping system, regulatory filings show.
The company is about $158,000 away from putting a ribbon on the funding round, which Veran launched in November 2013. So far 16 unnamed investors have participated in funding, the same number listed in a January update when the company notched nearly $3 million raised in the round.
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.