This latest £15 million (~$20 million) round was led by our existing investors Draper Esprit – an early backer in companies such as Skype, Tesla and SpaceX – and Sussex Place Ventures, among many other partners.
These funds will help us expand access to better, more advanced breast cancer techniques for patients, enabled by our Magseed® marker and Magtrace® lymphatic tracer technologies, such as targeted axillary dissection (TAD) and delayed sentinel lymph node biopsy (dSLNB).
In particular, the dSLNB technique is only made possible with Magtrace®. This technique could help tens of thousands of women avoid unnecessary surgery that provide them no additional benefit, while exposing them to post-surgery complications and comorbidities, such as lymphedema.
This latest round, which now takes our total funding to £32 million ($43 million), will further be used to scale our product offering, with new products in the pipeline for 2021, and increase our market reach and employees.
Commenting on the financing, our CEO, Dr. Eric Mayes said: “We feel privileged to have maintained our growth while continuing to support hospitals, doctors and their patients during these uncertain times.
We’re fortunate to have investors that recognise our opportunity to lead the market while continuing to make a difference for people living with breast cancer.”
Our products have now helped over 130,000 patients receive a higher standard of care and are available in over 550 hospitals in 43 countries.
We remain committed to further international growth and providing advanced breast care to all who need it, as demonstrated by our offer to support the UK’s NHS during the COVID-19 pandemic with free vials of Magtrace® earlier this year, to ensure vital breast cancer staging could continue.
David Cummings, a partner at Draper Esprit, said: “Endomag has built and strengthened their business in the US, Europe and here in the UK, and knowing how many more people could be helped by their technology, leading this £15m round was something we had to do.” ♦