Surgical imaging technology company Lightpoint Medical has successfully raised £2 million in a Series A round. Investors include Oxford Technology, Cambridge Capital Group, London Business Angels, Envestors, Ruffena Capital and funding via SyndicateRoom. The offer on crowdfunding platform SyndicateRoom initially targeted a raise of £500,000 but the company state interest was sufficient to boost the amount to an over-funding target of £1 million. Pre-money valuation was placed at almost £5 million.
Goncalo de Vasconcelos, CEO of SyndicateRoom stated, “Lightpoint Medical attracted an enormous amount of interest from SyndicateRoom investors due to both the investment opportunity and the quality of the management team. It came without a surprise that the funding round was completely oversubscribed.”
Lightpoint Medical has developed a new medical imaging technology for cancer. The device provides real-time results during surgery and thus reduces the need for returns to the operating room. The optical imaging helps surgeons to remove cancerous tissue during surgery. Cancer is frequently left behind during surgery today as it is quite difficult to detect. The “EnLight” device can scan and detect residual cancer. Lightpoint is currently undergoing clinical trials for breast, prostate and stomach cancer. The company’s technology is expected to be available to both European and US markets at some point in 2015.
Dr David Tuch, CEO of Lightpoint Medical, commented “We’re delighted to have secured funding from previous investors Oxford Technology as well as from some of the leading angel networks in the UK. This equity investment complements our substantial grant funding from FP7 and Innovate UK and our development contract with SBRI Healthcare. The funding will help bring our two lead products to market and more importantly transform the lives of cancer patients.”
Lucius Cary, Managing Director of Oxford Technology an investor in the company stated;
“Being an investor in Lightpoint has been a pleasure,” remarked Cary. “From the initial investment, everything has gone better than expected. This happens only rarely. In Lightpoint’s case, the technology has worked. More grants have been received than initially hoped. It has been easy to attract new investors. Most importantly, surgeons have been enthusiastic about using the technology since it has the potential to dramatically improve outcomes for their patients.”
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