Seno Medical Instruments, Inc., the company pioneering opto-acoustic imaging as a tool to improve the process of diagnosing breast cancer, today announced that it has sold $34.6 million of a $39 million Series C equity funding round from existing investors with the lead investment from MedCare Investment Funds.
The new funding will support Seno's ongoing U.S. Pivotal Study of the Imagio® breast imaging device, as well as activities to obtain the CE Mark in Europe, which the company seeks to receive by the end of the first quarter of 2014. There are currently 16 leading hospitals and imaging centers throughout the U.S. enrolling patients in the Imagio Pivotal Study.
"We believe Seno Medical's opto-acoustic imaging platform has the potential to answer a significant unmet need in the diagnosis of breast cancer," said Harry Jacobsen, M.D., Chairman of MedCare Investment Funds. "Breast biopsies, the current standard of care for diagnosing or ruling out cancer, are the most expensive part of the breast cancer diagnostic process. By providing a real-time blood map co-registered with ultrasound images, we believe that opto-acoustics can provide radiologists more information than ever before to help them confidently rule out cancer so that fewer women with benign lesions will have to undergo biopsies and the worry that can come from the process. We look forward to seeing the results of the company's ongoing Pivotal Study."