Market Overview

Endomag Raises $10 Million USD (£8M GBP) to Establish a New Standard of Breast Cancer Care

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  • Series C funding led by Draper Esprit
  • Brings total funding for Endomag to over $22 million USD (£17M GBP)
  • Investment will be used to expand commercial activity

Surgical guidance company, Endomagnetics Ltd (Endomag), today announced
that it has raised $10 million USD (£8M GBP) Series C funding, led by
Draper Esprit. This investment brings total funding for Endomag to over
$22 million USD (£17m GBP) and will enable the company to significantly
expand its capabilities, with the aim of treating more cancer patients
around the world.

Endomag is pioneering the use of magnetic sensing for minimally-invasive
surgical guidance to ensure cancer can be targeted and removed more
accurately. Their products address unmet clinical needs in availability,
workflow efficiency and surgical accuracy to provide a better experience
for patients with breast cancer. With this investment the company can
now focus on rapidly expanding its commercial activity in all markets
and planned product development.

Dr Eric Mayes, CEO at Endomag, said: "2018 is shaping up to be
the most significant year in Endomag's history. Alongside securing this
investment, we won a Queen's Award for Enterprise in Innovation and
received a 510K FDA clearance to extend the use of our Magseed® magnetic
marker – and it's only July! This funding greatly increases our ability
to scale in our primary markets and drive our continued growth."

Lead investor Draper Esprit is the European division of the Draper
Venture Network, founded by illustrious Silicon Valley venture
capitalist Tim Draper, an early backer in companies such as Skype, Tesla
and SpaceX. Draper Esprit's investment in Endomag is a strong vote of
confidence in the management team and the medical device company's
vision and future plans.

Vishal Gulati, Healthtech investor at Draper Esprit, commented: "We
all know someone who has been affected by cancer, so having access to
better cancer care benefits us all. Endomag is really kickstarting a
revolution in how surgeons target the removal of tumours, something
they've already demonstrated for breast cancer treatment. We've known
about Endomag for a number of years and are excited to partner together."

Since their inception in 2007, the team at Endomag has been applying
their understanding of magnetic sensing technologies to develop products
to help surgeons accurately locate and remove tumours as well as
determine if the cancer has spread to other parts of the body. The
company's products have already been used in over 35,000 procedures
across 300 hospitals in more than 30 countries.

Prof Laura Esserman MD, Director of University of California San
Francisco (UCSF) Carol Franc Buck Breast Care Center said:
 "I've
been a huge supporter of this technology for a long time. The Sentimag®
platform offers patient-centred products that dramatically improve the
efficiency of localising breast cancers and sentinel nodes. These tools
provide a better patient experience, replacing a stressful procedure
(wire placement in the breast the day of surgery) with a simple
placement of a small clip in the week prior to surgery – not only is it
better for patients it is more accurate, safe, and efficient.

Endomag continues to improve their products and innovate. Their tools
add real value to both patients and surgeons and has changed practice
that will improve the way we treat breast cancer in the United States."

For more information on Endomag and their recent announcements, visit www.endomag.com

ENDS

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