Women’s health company DySIS Medical touted a $11.3 million (£7.4 million) fundraising round in support of its diagnostic devices.
The Scotland-based medical device maker hopes to expand market reach in Europe and the U.S. for its DySIS colposcope, an imaging device that painlessly assesses the condition of the cervix. The device already has CE Mark as well as regulatory approval from the FDA.
The DySIS system produces "significantly improved diagnostic results" in about the same amount of time it takes to conduct a conventional colposcopy, according to a company statement.
In recent clinical trials the DySIS colposcope detected 97% of all cases of cervical cancer caused by the human papillomavirus, or HPV, compared with traditional methods which on average detect about 55% of early stage cancer, DySIS reported.
The funding was comprised mainly of a $7.8 million (£6 million) investment from Copenhagen-based Lundbeckfond Ventures. The remainder was raised from prior shareholders Albion Ventures, NBGI and the Scottish Investment Bank.
