1 December 2011
Ysios Capital Partners and “la Caixa” lead MedLumics €3.5million/$4.7million Series A Financing.
MedLumics Announces 3.5 Million Euro/4.7 Million USD Series A Financing,
Led by Ysios Capital Partners and “la Caixa”
MADRID – December 1, 2011 – MedLumics, a medical imaging diagnostics company specializing in advanced optical coherence tomography (OCT) technology, has announced the closing of a 3.5 million Euro/4.7 million USD Series A financing. Led jointly by Ysios Capital Partners and “la Caixa”, through Caixa Capital Risc, the funds will be used to complete the development of the company’s breakthrough imaging diagnostic platform and the recruitment of its executive and technical teams.
Optical coherence tomography (OCT) is a relatively recent diagnostic imaging modality that can capture sub-surface images of a patient’s tissue at a much higher resolution than other imaging techniques such as magnetic resonance imaging (MRI) or ultrasound. Most often used in ophthalmology, other important applications include cardiology, dentistry and oncology. While a valuable diagnostic tool, current OCT technology is delivered with relatively large, stationary systems (similar in footprint to a medium-sized office printer) that typically cost tens of thousands of dollars and require ongoing calibration and maintenance.
The imaging diagnostics platform developed by MedLumics addresses these challenges by integrating all of the optical and electrical OCT components in a compact microchip-based system that can produce dynamic, real-time, high-resolution diagnostic images with a tissue penetration capability of up to two millimeters. The proprietary technology is designed to allow physicians to perform a non-invasive optical “digital biopsy” of tissues that avoids damage to vulnerable structures, reduces procedure time, and eliminates the invasiveness of conventional biopsy tissue sample extraction. The technology will also allow for greater mobility of OCT within health-care settings and will substantially reduce maintenance and production costs as compared to first generation OCT systems.
“The Series A financing is a major achievement for MedLumics that aligns us with top-tier life science investment partners who believe in the tremendous potential of our microchip-based OCT technology,” said Eduardo Margallo Balbás, founder and chief executive officer of MedLumics. “We believe this investment speaks to the exceptional clinical value it will ultimately bring to physicians and patients.”
Initial applications for MedLumics’ platform technology will be focused in dental implantology and intravascular imaging in cardiology as well as other medical specialties that have diagnostic needs not yet addressed by first generation OCT systems.
“MedLumics’ technology represents a significant innovation that has the potential to overcome current shortcomings in tissue diagnostics via non-invasive, high-resolution imaging, paving the way for efficacious diagnosis and treatment and assisting surgical procedures,” said , director of Ysios Capital Partners. “Ysios and La Caixa look forward to bringing our experience and industry networks to MedLumics to help bring the company’s important technology to the marketplace.”
About Ysios Capital Partners
Ysios Capital Partners is an independent venture capital firm in Spain providing private equity financing to early and mid-stage human healthcare and biotechnology companies with special focus on pharmaceuticals, diagnostics and medical devices. Ysios Capital Partners team is lead by Mr. Joël Jean- Mairet, former chief executive of GLYCART Biotechnology AG (Zürich); Ms. Julia Salaverria, former director of funds in Talde; and Mr. Josep LL. Sanfeliu, former corporate finance business development manager at Almirall.
Ysios launched its first fund, Ysios BioFund I, of 69 million Euros in 2008. The investment in MedLumics is the eighth investment of Ysios Capital Partners. Its full portfolio includes: MedLumics (Madrid), AM-Pharma BV (Bunnik, The Netherlands), STAT Diagnostica (Barcelona), Sabirmedical (Barcelona), Cardoz (Stockholm, Sweden), Endosense (Geneva), Biovex (now Amgen, Boston) and Cellerix (Madrid, now Tigenix NV NYSE Alternext:TIG).
About Caixa Capital Risc
Caixa Capital Risc is an institutional investor with excellent references specialised in the early stages of innovative companies in Spain. Caixa Capital Risc manages 54 million Euros and specialises in companies in the areas of Life Sciences, Information Technology and Internet and Sustainability.
The area of Life Sciences includes: disease management and wellness; medical devices, medical technology and instrumentation; telemedicine and e-health; diagnostics and point-of-care; biological therapies; IT in healthcare; and specialty pharmaceuticals. Some examples are SABIR, Laboratorios Sanifit, Omnia Molecular, Sagetis, Ingeniatrics and Genmedica.
Founded in 2009, MedLumics is a medical imaging diagnostics company specializing in advanced optical coherence tomography (OCT) technology. Its proprietary platform technology integrates optical and electrical components in a compact microchip-based OCT system that can produce dynamic, real-time, high-resolution diagnostic images that allow physicians to perform a non-invasive optical “digital biopsy” of tissues.