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Breast cancer surgery technology secures funding

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A Cambridge and Texas-headquartered business specialising in the development of technology for breast cancer surgery has closed a £15m funding round. The company’s CEO spoke to Health Tech World about the firm’s plans for growth.

Endomag’s technologies use non-invasive magnetic sensing to locate and stage breast cancer and have helped more than 130,000 women across the world receive more precise and less invasive cancer treatment.

At the heart of the company’s product offering is the Sentimag localisation system. The system features a probe which is used like a metal detector by surgeons to accurately locate a breast tumour during surgery with Endomag’s magnetic seed (Magseed). The system is also used to help determine if that cancer has spread using the company’s liquid tracer.

The business is now aiming to expand beyond its current base of 43 countries.

CEO Eric Mayes said: “Our products as they are already improve patient’s lives in a couple of different ways. One is just minimising the amount of surgery that is required but also minimising the amount of unnecessary surgery.

“The funding will help us extend what we are doing to more patients, opening up more markets, as well as in markets where we are already active but have only just scratched the surface.”

Draper Esprit led the series D funding round, the largest in the company’s history, which was supported by existing investors such as Sussex Place Ventures. This investment follows on from Draper Esprit’s initial lead in Endomag’s 2018 series C round, bringing the company’s total funding to more than £32m.

Endomag continues to invest in research and development and is due to launch its next generation Sentimag platform, as well as new Magseed products, in 2021.

Mayes added: “Our objective is to become the standard of care in terms of breast cancer. All of the processes and techniques that we have developed and that our products support can also be used for other types of cancers. There is a very broad field for general cancer surgery and surgical guidance that we will be exploring.

“We know that we are extremely fortunate to have continued growing this year. These are extraordinary times, we have been extraordinarily fortunate, and we are extremely excited to have the firepower to continue growing in 2021.”

David Cummings, venture partner at Draper Esprit, added: ”Investing in visionary companies like Endomag is proof of the value of Draper Esprit’s publicly listed venture capital model – the capital we raise from public investors is put to work supporting the long-term growth of rapidly scaling technology businesses.

“It’s been a privilege to back Eric and his team on its incredible mission to improve the standard of cancer care the world over and we look forward to working with him in the future.”

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