Endomag raises $20m Series D scale-up capital
Draper Esprit has led a blockbusting $20 million Series D round for Cambridge based biotech business Endomag whose technology is transforming cancer care.
The funds are earmarked for expanding access to new advanced breast surgery techniques enabled by Endomag’s products, such as targeted axillary dissection and delayed sentinel lymph node biopsy.
Cash will also be used to scale the UK-US company’s product offering, market reach and headcount.
The round is the largest in the company’s history and was supported by existing investors Sussex Place Ventures among others. The investment follows on from Draper Esprit’s initial lead in Endomag’s 2018 Series C round, bringing the company’s total funding to over $43m (£32m).
Endomag CEO 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 also fortunate to have investors that recognise our opportunity to lead the market while continuing to make a difference for people living with breast cancer.”
Endomag’s technologies use non-invasive magnetic sensing to locate and stage breast cancer and have helped over 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. This 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®) or help determine if that cancer has spread using its liquid tracer (Magtrace®).
Endomag’s technologies have enabled globally leading surgeons to develop completely new techniques that benefit breast cancer patients. In the last few years, surgeons pioneered the targeted axillary dissection procedure using Magseed, and more recently pioneered delayed sentinel lymph node biopsies (dSLNB).
These treatments potentially minimise the invasiveness of surgery for patients while maintaining clinical outcomes. The dSLNB technique, only possible using Magtrace®, could help tens of thousands of women to avoid unnecessary surgical procedures that provide them no additional benefit while exposing them to the risk of post-surgery complications, such as lymphedema.
Endomag continues to invest significantly in research and development and in 2021 is due to launch its next generation Sentimag® platform, as well as new Magseed® products.
The company is aiming to expand beyond its current base of 43 countries, while advancing breast care to another level.
David Cummings, venture partner at Draper Esprit, said: “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.
“We were proud to lead Endomag's raise in 2018 and we're delighted to lead this round, continuing our support. 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.”
The company is fully committed to improving the standard of breast cancer care – including ensuring that the NHS has been able to maintain vital breast cancer staging treatments during the COVID-19 pandemic – by pledging over £150,000 of its Magtrace® lymphatic tracer.
Endomag also recently helped to raise almost £25,000 for research into preventing breast cancer through the ‘MagTeam100 Challenge’, encouraging participants to run, walk or cycle 100 miles during October’s Breast Cancer Awareness Month.
Headquartered at St John’s Innovation Park in Cambridge, Endomag also has an office in Austin, Texas. To date the company has helped over 130,000 women around the world access more precise and less invasive breast cancer care.