Dune Medical Devices Inc. has raised $21 million led by Kraft Group and Carnepa Advanced Healthcare. The company has developed a device that successfully undertakes lumpectomy procedures for removing breast cancer tumors in real time. The company will immediately receive $14 million with $7 million to be transferred in October 2014.
DuneMedical MarginProbe device received marketing approval from the US Food and Drug Administration (FDA) in early 2013 and was launched a year ago. The product uses RF rays to make real-time diagnoses during the breast cancer surgery as to whether marginal areas are malignant or healthy. If the marginal areas are healthy then clearly the entire tumor has been removed. Such tests are currently carried out in laboratories and if the margins are still cancerous then further surgery is required.
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As a private company Dune Medical publishes no sales figures but CEO and founder Dan Hashimshony said that the latest financing comes after the successful launch of the product and good sales results in the first year. He said that the device had so far performed 1, 000 surgical procedures. MarginProbe is also approved for marketing in Europe and Israel.
According to IVC, Dune Medical has raised $30 million since it was founded in 2004 by Hashimshony. Investors include Apax Partners, Meditech Advisors, the Reich family, Ze’ev Mozes, and the Office of the Chief Scientist via the Misgav Venture Accelerator.
Published by Globes [online], Israel business news – www.globes-online.com