Delphinus Medical Technologies has begun raising a Series B round of fundraising, setting a goal of scoring $17 million by this summer.
The Plymouth-based start-up that calls the Michigan Life Science Innovation Center home is spinning out technology for an alternative test to mammography from the Karmanos Cancer Institute
. It has already raised $12 million in a Series A round.
"Our current investors are willing to put in a substantive portion of this round," says Bill Greenway
, CEO of Delphinus Medical Technologies
The 2-year-old start-up's principal product is SoftVue, which works to effectively differentiate between benign and malignant masses in breasts. The idea is to help eliminate false positives and reduce unnecessary biopsies. It can also accurately measure breast density, a known risk factor for developing breast cancer, as well as detect many early stages of cancer in women with dense breast tissue, which is often not picked up by mammography.
SoftVue works by surrounding a breast submerged in warm water with an ultrasound ring that captures detailed, three-dimensional images with sound waves. The results are similar to an MRI, but the procedure takes only a few minutes and costs much less. The procedure was the inspiration for the company's name, which is Latin for dolphins.
The first prototype of the technology is currently being used at the Karmanos Cancer Institute. Greenway expects to ramp up commercialization and sales of SoftVue by the end of this year. He points out that St. Mary's Hospital at the University of Toronto is also in line to receive the second one. "We have a number of sites that are interested in a system," Greenway says.
Delphinus Medical Technologies
currently employs 19 people after hiring five people in 2012. He expects to hire another five or six people this year.
Source: Bill Greenway, CEO of Delphinus Medical Technologies
Writer: Jon Zemke
This story originally appeared in Metromode
on Jan. 17, 2013.