Cancer detection company closes seven-figure capital raise
Berlin-based Magnosco, a company focused on early-stage skin cancer detection, has announced the closing of a seven-figure capital raise. The financing round was led by Singapore-based Corecam Capital Partners and the new investor SPRIM Ventures.
Magnosco develops a method for early stage malignant melanoma detection, known as dermatofluoroscopy. The non-invasive diagnostics are based on infrared laser and artificial intelligence technology. The company has also developed DermaFC, a medical device for general practitioners. The solution is designed and certified for use in a clinical environment, unlike competing consumer apps.
Kai-Christian Brockstedt, the managing partner of Corecam Capital Partners, said: “We are happy to be the leading investor in Magnosco. As we are convinced that the current and future medical, diagnostic and cosmetic applications of such a fundamental, data rich technology platform will be numerous.”
The funds will be used for the development of a miniaturised DermaFC device and novel product applications for other skin cancer types as well as more cost-effective production methods. The strategic partner SPRIM Ventures will advise Magnosco on the U.S. market entry, the FDA application process and sales strategy. Dr.-Ing. Sebastian Ahlberg joins Magnosco as a co-CEO with a background in dermatology and will closely work with the CFO and new co-CEO, Thomas Diepold in this next growth stage. Magnosco will be closely advised by Sven Henrichwark, who has a long-term track record in biotech, life sciences and medical technology industries, including as COO of a $1 billion GE Healthcare business unit, and currently works for SPRIM Ventures.
Henrichwark said: “We are very excited about Magnosco and its significant potential. Their device currently identifies melanoma with a very high degree of accuracy. It addresses a major unmet medical need of a deadly and expensive disease and can significantly improve the current standard of care.”