Endomagnetics, a medical device company that helps surgeons track the spread of breast cancer, has raised GBP770,000 from a syndicate led by UCL Business and Sussex Place Ventures.
The financing coincides with the appointment of Dr Eric Mayes as chief executive of this recent spin-out from University College London and builds upon a previous seed round of GBP350,000 that was secured in June 2009.
Endomagnetics uses magnetic tracers and a highly sensitive magnetic sensing device to help breast cancer surgeons detect the extent that breast cancer has spread during an operation.
“The SentiMag solution allows surgeons in many more countries and in a wider range of hospitals to perform sentinel lymph node biopsy, bringing the potential benefits of selective breast cancer surgery to many more women and cost savings to hospitals,” says Mayes. “Endomagnetics has a great team and exceptional promise and I look forward to making this solution globally available.”
Mayes joins Endomagnetics from Cambridge Display Technology where he was director of commercial development. He has more than ten years’ experience in advanced materials and devices businesses and a strong track record in leading early-stage ventures.
Steven Schooling from UCL Business says: “The investment syndicate are delighted to have an individual of Eric’s calibre leading the Endomagnetics’ team and we look forward to Eric piloting the company through upcoming technical, regulatory and business development challenges, as Endomagnetics seeks to establish itself as a leading player in oncology markets.”
UCL Business is responsible for commercialising innovations arising from the research base at University College London, a research-led university in the UK.
Sussex Place Ventures is owned by the London Business School and invests from two funds: Regents Park Partners, a private investor fund which invests in venture capital and smaller private equity deals, and the Combined London Colleges University Challenge Fund, a University-based seed fund.