Cianna Medical, which provides medical devices to improve quality of life for women with breast cancer, has raised $8 million, including $4 million from Novo Ventures, Fog City Fund, Saints Capital and Emergent Medical Partners. Cianna raised the balance of the funding in debt from GE Capital. The company will use the funding to support the launch of an FDA-cleared device that removes breast lesions.
Cianna Medical, Inc., a medical device company dedicated to improving the quality of life for women affected by breast cancer, today announced that it has raised $8 million in financing — $4 million in debt financing secured from GE Capital and $4 million in equity from the sale of preferred stock to the Company’s current venture capital investors. Key investors in this most recent financing round include Novo Ventures, Fog City Fund, Saints Capital and Emergent Medical Partners. The Company intends to use the funds to support the national launch of its SAVI SCOUT® Surgical Guidance System, an FDA-cleared device for localizing and directing the removal of non-palpable breast lesions.
“We appreciate the support of our investment partners, and these additional funds will enable us to devote appropriate resources to launch our newest product, SAVI SCOUT,” said Jill Anderson, President and CEO of Cianna Medical. “We’re excited to build on our position as a market leader in breast brachytherapy, and believe our transformative technology for better guidance during breast conserving surgery will deliver better outcomes for patients and clinicians alike.”
Following FDA clearance for SAVI SCOUT in late 2014, Cianna Medical has focused in the first half of 2015, gaining real-world experience through a series of investigator-initiated studies. Results from the recently completed “Pilot Study of a New Non-Radioactive Surgical Guidance Technology to Localize Non-Palpable Breast Lesions,” were presented during the American Society of Breast Surgeons (ASBrS) 16th Annual Meeting in May of this year. The study, which included 50 patients, demonstrated 100 percent surgical success using SAVI SCOUT.
“SAVI SCOUT has performed extremely well in the clinic to date and we are excited by the enthusiasm within the medical community to more widely adopt this breast tumor localization technology into widespread clinical practice,” noted Pat Whitworth, M.D., Director, Nashville Breast Center, Nashville, Tennessee. “We expect the ongoing clinical evaluation study, which is investigating efficacy, patient and surgeon satisfaction within a variety of clinical settings across the U.S., will provide further clinical validation of SAVI SCOUT and reinforce its value among patients and healthcare providers.”
In advance of full national launch later this year, the Company has supported surgical centers across the country that are participating in a second investigator-initiated study (“SAVI SCOUT Clinical Evaluation Study”) that will enroll 150 patients, approximately 50 percent of whom have already completed study participation. Final results from this study are expected later in the year.
“As the largest investor in Cianna Medical, we have been impressed with the company’s commitment to executing on its mission to improve the lives of women affected by breast cancer,” said Tiba Aynechi, Partner, Novo Ventures (US), Inc. “We look forward to the Company’s continued leadership in the brachytherapy market and expected growth in the surgical guidance market.”
About SAVI SCOUT®
SAVI SCOUT is an FDA-cleared medical device that utilizes passive non-radioactive electromagnetic wave technology, to provide real-time guidance during excisional breast procedures, by using a reflector that can be placed in the target tissue up to seven days prior to surgery. During the procedure, the surgeon uses the SAVI SCOUT handpiece that emits infrared light and electromagnetic waves, to locate the reflector and plan the incision. Aided by audible and visual feedback provided by the console, the surgeon is able to remove the reflector and the target tissue with a high degree of precision.
About Cianna Medical, Inc.
Cianna Medical develops, manufactures and markets innovative medical technologies that reduce costs, improve quality, and reduce the burden breast cancer treatment places on women and their families. Its SAVI® technologies are FDA-cleared and address unmet needs in the delivery of radiation therapy, tumor localization and surgical guidance.
The SAVI breast brachytherapy applicator delivers individualized radiation therapy to where it is needed most, decreasing toxicity and reducing treatment time from several weeks to just 5 days.
The SAVI SCOUT® surgical guidance system utilizes electromagnetic wave technology to provide real-time surgical guidance. It offers surgeons a precise method of targeting tissue for removal during lumpectomy and excisional biopsy procedures.
For more information, call 866-920-9444 or visit www.ciannamedical.com.