Draper Esprit led this funding round, the largest in the Company’s history, which was supported by existing investors Sussex Place Ventures among others. This investment follows on from Draper Esprit’s initial lead in Endomag’s 2018 Series C round, bringing the Company’s total funding to over £32 million ($43 million).
Commenting on the financing, Endomag’s Chief Executive Officer, 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. The system 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 past few years, surgeons pioneered the targeted axillary dissection (TAD)2 procedure using Magseed, and more recently pioneered delayed sentinel lymph node biopsies (dSLNB).3 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.4
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.
“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,” said David Cummings, Venture Partner at Draper Esprit.
The Company is fully committed to improving the standard of breast cancer care, including ensuring that the UK’s National Health Service (NHS) was able to maintain vital breast cancer staging treatments during the COVID-19 pandemic by pledging over £150,000 of its Magtrace® lymphatic tracer.5 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.6
References
1 The Sunday Times Sage Tech Track 100. 2020 league table. Available at https://www.fasttrack.co.uk/league-tables/tech-track-100 Last Accessed November 2020
2 Caudle, A et al (2016), “Improved Axillary Evaluation Following Neoadjuvant Therapy for Patients With Node-Positive Breast Cancer Using Selective Evaluation of Clipped Nodes: Implementation of Targeted Axillary Dissection.” Journal of clinical oncology : official journal of the American Society of Clinical Oncology vol. 34,10. Available at https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4933133/
3 Karakatsanis, A et al (2019), “Effect of preoperative injection of superparamagnetic iron oxide particles on rates of sentinel lymph node dissection in women undergoing surgery for ductal carcinoma in situ (SentiNot study)” BJS DOI: 10.1002/bjs.11110
4 NHS Website – Lymphedema. Available at https://www.nhs.uk/conditions/lymphoedema/causes/
5 Endomag Website - Our opportunity to support the NHS at this time. Available at https://www.endomag.com/story/our-opportunity-to-support-the-nhs-at-this-time/
6 Endomag Website - Endomag’s #MagTeam100 Challenge raises nearly £25,000 for vital breast cancer research. Available at https://www.endomag.com/story/endomags-magteam100-challenge-raises-over-22000-for-vital-breast-cancer-research/