£15m funding for Endomag’s breast cancer progress
Endomag, the medical equipment manufacturer based at the Jeffreys Building on St John’s Innovation Park, has secured £15m in Series D funding.
The company, a breast cancer market leader and one of the UK’s fastest growing private technology businesses, has earmarked the funds for expanding access to new advanced techniques enabled by its products, including targeted axillary dissection (TAD) and delayed sentinel lymph node biopsy (dSLNB). The funds will also be used to scale its product offering, market reach and employees.
Draper Esprit led the funding round – the largest in the company’s history – 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 total funding to £32m.
Endomag’s 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 more than 130,000 women across the world receive more precise outcomes with less invasive treatment.
At the heart of the company’s product offering is the Sentimag localisation system, which features a probe used like a metal detector by surgeons to accurately locate a breast tumour during surgery with its magnetic seed (Magseed), or to determine if that cancer has spread using its liquid tracer (Magtrace).
The company is fully committed to improving the standard of breast cancer care, including ensuring that the NHS was able to maintain vital breast cancer staging treatments through the Covid-19 pandemic by pledging over £150,000 of its Magtrace lymphatic tracer for use in the UK.
Endomag also recently helped to raise over £23,000 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.
#MagTeam100 challenged anyone to walk, run or cycle 100 miles during October, with Endomag donating to the charity every time someone completed the distance.
Dr Eric Mayes, CEO at Endomag, said: “At Endomag, we’re passionate about putting patients first. We’ve seen the impact that Covid-19 has had on both patients and charities, which is why we wanted to do something to support both groups during Breast Cancer Awareness month.”