Lightpoint Medical, a medical device company developing miniaturised cancer detection tools for robot-assisted surgery, has completed an $8 million financing round.
The funding includes follow-on investment from private investors, Oxford Technology, Venture Founders, Coutts Bank, and new funding from the British Business Bank Future Fund, bringing the total raised by the company to $18 million.
The new capital will be used to finance expanded clinical trials and early commercialization of Lightpoint’s robotic probe, SENSEI, which has the potential to assist in over 2 million applicable surgical procedures every year in the EU, US, China and Japan.
SENSEI received CE mark approval at the beginning of the year, has been registered successfully with the FDA, and has received approval for sale in Australia.
Lightpoint has secured commercial distribution deals for SENSEI in Spain, Portugal, and Australia. With more contracts to be announced in the forthcoming months, Lightpoint intends to establish a global distribution network by the end of 2021.
Clinical trials of SENSEI in robotic surgery are ongoing in prostate and cervical cancer with new studies in lung cancer planned for the second half of the year.
Dr. David Tuch, CEO of Lightpoint Medical, said: “We’re grateful to the British Business Bank and many of our previous shareholders for investing in the round and reaffirming their commitment to Lightpoint. This fundraising follows the US and European market clearance for our SENSEI robotic probe and will enable us to further expand our clinical program and prepare for early commercial development of the technology. Our growing network of commercial distributors will help Lightpoint reach surgeons and nuclear physicians worldwide seeking a better way to perform targeted robotic cancer surgery.”
