Endomagnetics moves to Cambridge and raises £1.8m

A company spun out of London using magnetic sensing technology and nanotechnology developed by University College London and the University of Houston to fight cancer has raised £1.8m and moved its headquarters to the Cambridge Science Park.

Endomagnetics said its move to Cambridge reflected the company's rapid progress towards commercialisation of its first product, SentiMag, an ultrasensitive hand-held probe capable of tracking the position of an associated magnetic tracer, Sienna+, that helps to identify critical lymph nodes in support of cancer staging.

The system wants to replace the radioactive isotopes currently used and claims to be simpler, cheaper and to provide a better experience for patients, surgeons and hospitals than the 'gamma probe' technique currently used.

The company raised £1.2m in August from Sarum Capital, UCL Business, Bloomsbury Bioseed Fund and Sussex Place Ventures. The additional £600k came from New Wave Ventures alongside internal investors.

Endomagnetics CEO Dr Eric Mayes agreed: "We are delighted to be expanding our operations to Cambridge, close to so many other excellent technology companies and management talent. We expect to make full use of this as we expand."

 

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