Dune Medical Devices has raised $14 million in the first of a two-stage funding round. The second tranche of $7 million is expected to close by October 2014. The investors in the initial round include the Kraft Group and Canepa Advanced Healthcare Fund. Based in Israel, Dune Medical Devices is a maker of the MarginProbe System, which is used for breast cancer surgery patients.
CAESAREA, Israel, June 26, 2014 /PRNewswire/ — Dune Medical Devices, announced today that it has successfully completed the first of a two stage $21 million equity financing. The initial closing was completed for $14 million with a second tranche of $7 million to be completed by October 2014.
Following the successful launch of MarginProbe, this financing provides the necessary resources to expand the sales and marketing efforts for Dune’s first product, the MarginProbe System for breast cancer surgery patients. The investors in this financing are both previous and new investors, including the Kraft Group and Canepa Advanced Healthcare Fund, among others.
“We are thrilled that the MarginProbe is so well received in the U.S., and that patients and surgeons are seeing consistently strong results,” said CEO Dr. Dan Hashimshony. “Our initial U.S. launch began with a small, dedicated team of reps in Q3 last year and now surgeons have conducted over one thousand MarginProbe procedures. This financing will enable us to significantly increase the market’s access to the MarginProbe throughout the U.S. We are very pleased and thankful to have been able to attract such high quality investors to join us in the effort to turn MarginProbe into the standard of care for women suffering from breast cancer and undergoing lumpectomy surgery.”
The MarginProbe System, which received Pre-Market Approval (PMA) from the FDA early last year, enables real time detection of cancer at the surface of excised tissue specimens during surgery for breast cancer. The simple and immediate assessment of the surgical margins allows surgeons to immediately excise additional tissue, significantly reducing the potential for positive margins remaining after the initial lumpectomy. Recent studies that have been presented at leading clinical meetings are providing excellent confirmation of MarginProbe results and patient benefits.
About Dune Medical Devices
Dune Medical Devices was founded by Dr. Dan Hashimshony to realize the extraordinary medical potential of its proprietary tissue characterization technology. Offering surgeons and radiologists the real time ability to identify cancerous tissues and react immediately, this technology holds the promise for a broad range of surgical and diagnostic applications.
Dune Medical Devices, privately held, has offices in the U.S., Israel. For more information, please visit www.dunemedical.com, and www.marginprobe.com