The Israeli company announces an equity investment that it will use to market its system that can detect cancer in excised tissue in real time
Israeli Dune Medical Devices, which created a device that detects breast cancer in tissue, announced that it raised $21 million in equity financing to expand the sales and marketing of its tool called the MarginProbe System.
The financing comes from both previous and new investors, including Kraft Group and Canepa Advanced Healthcare Fund, among others, and is broken into two tranches: a $14 million tranche completed June 26 and a $7 million tranche that will be completed by October.
“We are thrilled that the MarginProbe is so well received in the U.S., and that patients and surgeons are seeing consistently strong results,” CEO Dr. Dan Hashimshony said in a statement. “Our initial U.S. launch began with a small, dedicated team of reps in Q3 last year and now surgeons have conducted over one thousand MarginProbe procedures. This financing will enable us to significantly increase the market’s access to the MarginProbe throughout the U.S. We are very pleased and thankful to have been able to attract such high quality investors to join us in the effort to turn MarginProbe into the standard of care for women suffering from breast cancer and undergoing lumpectomy surgery.”
Real time detection
Having received pre-market approval from the FDA early last year, the MarginProbe System allows for real time detection of cancer at the surface of excised tissue specimens during breast cancer surgery. The immediate assessment of the surgical margins allows surgeons to excise additional tissue right then and there, which reduces the potential for positive margins remaining after the initial lumpectomy. Dune Medical said recent studies prove MarginProbe’s results and patient benefits and that the technology holds promise for a broad range of other surgical and diagnostic applications.
Dune Medical was founded in 2002 by Dr. Dan Hashimshony to research its proprietary tissue characterization technology. The privately held company, which has offices in the U.S., Israel and Germany, has been financed by Apax Partners since 2004.