Endomagnetics (t/a Endomag) secures £15 million Series D investment led by Draper Esprit

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ENDOMAG SECURES £15 MILLION ($20 MILLION) IN SERIES D FUNDING 

Furthering Endomag’s mission to improve cancer care, by expanding access to new  advanced breast surgery techniques 

CAMBRIDGE, UK, 30 NOVEMBER, 2020 Endomag, a breast cancer market leader and one of the  UK’s fastest growing private technology businesses1, has secured £15m (~$20m) in Series D funding.  These funds are earmarked for expanding access to new advanced techniques enabled by its  products, such as targeted axillary dissection (TAD) and delayed sentinel lymph node biopsy  (dSLNB). The funds will also be used to scale its product offering, market reach and employees.  

Draper Esprit led this funding round, the largest in the Company’s history, which was supported by  existing investors Sussex Place Ventures among others. This investment follows on from Draper  Esprit’s initial lead in Endomag’s 2018 Series C round, bringing the Company’s total funding to over  £32 million ($43 million).  

Commenting on the financing, Endomag’s Chief Executive Officer, Eric Mayes said:

“We feel  privileged to have maintained our growth while continuing to support hospitals, doctors and their  patients during these uncertain times. We’re also fortunate to have investors that recognise our  opportunity to lead the market while continuing to make a difference for people living with breast  cancer.” 

Endomag’s technologies use non-invasive magnetic sensing to locate and stage breast cancer and  have helped over 130,000 women across the world receive more precise and less invasive cancer  treatment. At the heart of the company’s product offering is the Sentimag® localisation system. The  system features a probe which is used like a metal detector by surgeons to accurately locate a breast  tumour during surgery with Endomag’s magnetic seed (Magseed®) or help determine if that cancer has  spread using its liquid tracer (Magtrace®). 

Endomag’s technologies have enabled globally leading surgeons to develop completely new  techniques that benefit breast cancer patients. In the last few years, surgeons pioneered the targeted  axillary dissection (TAD)2 procedure using Magseed, and more recently pioneered delayed sentinel  lymph node biopsies (dSLNB).3 These treatments potentially minimise the invasiveness of surgery for  patients while maintaining clinical outcomes. The dSLNB technique, only possible using Magtrace®

could help tens of thousands of women to avoid unnecessary surgical procedures that provide them no  additional benefit while exposing them to the risk of post-surgery complications, such as lymphedema.4 

Endomag continues to invest significantly in research and development and, in 2021, is due to launch  its next generation Sentimag® platform, as well as new Magseed® products. The Company is aiming to  expand beyond its current base of 43 countries, while advancing breast care to another level. 

Investing in visionary companies like Endomag is proof of the value of Draper Esprit’s publicly listed  venture capital model – the capital we raise from public investors is put to work supporting the long-term  growth of rapidly scaling technology businesses. We were proud to lead Endomag’s raise in 2018 and  we’re delighted to lead this round, continuing our support. It’s been a privilege to back Eric and his team  on its incredible mission to improve the standard of cancer care the world over and we look forward to  working with him in the future,” said David Cummings, Venture Partner at Draper Esprit.  

The Company is fully committed to improving the standard of breast cancer care, including ensuring  that the UK’s National Health Service (NHS) was able to maintain vital breast cancer staging treatments  during the COVID-19 pandemic by pledging over £150,000 of its Magtrace® lymphatic tracer.5 Endomag also recently helped to raise almost £25,000 for research into preventing breast cancer,  through the ‘MagTeam100 Challenge’, encouraging participants to run, walk or cycle 100 miles during  October’s Breast Cancer Awareness Month.6 

+++ENDS+++ 

About Endomag 

Endomag is a global technology company that believes everyone deserves a better standard of cancer care. Many  of the world’s leading physicians and hospitals use the company’s technologies to help women with breast cancer  avoid surgery when it isn’t needed, and experience better outcomes when it is. 

Endomag is headquartered in Cambridge, UK, with an office in Austin, Texas. To date, the company has helped  over 130,000 women around the world access more precise and less invasive breast cancer care. To learn more,  visit: www.endomag.com/ 

References 

1 The Sunday Times Sage Tech Track 100. 2020 league table. Available at [https://www.fasttrack.co.uk/league-tables/tech track-100/] Last Accessed December 2020 

2 Caudle, A et al (2016), “Improved Axillary Evaluation Following Neoadjuvant Therapy for Patients With Node-Positive Breast  Cancer Using Selective Evaluation of Clipped Nodes: Implementation of Targeted Axillary Dissection.” Journal of clinical  oncology : official journal of the American Society of Clinical Oncology vol. 34,10. Available at  

[https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4933133/]

3 Karakatsanis, A et al (2019), “Effect of preoperative injection of superparamagnetic iron oxide particles on rates of sentinel  lymph node dissection in women undergoing surgery for ductal carcinoma in situ (SentiNot study)” BJS DOI:  10.1002/bjs.11110 

4 NHS Website – Lymphedema. Available at [https://www.nhs.uk/conditions/lymphoedema/causes/]  

5 Endomag Website – Our opportunity to support the NHS at this time. Available at [https://www.endomag.com/story/our opportunity-to-support-the-nhs-at-this-time/].  

6 Endomag Website – Endomag’s #MagTeam100 Challenge raises nearly £25,000 for vital breast cancer research. Available at  [https://www.endomag.com/story/endomags-magteam100-challenge-raises-over-22000-for-vital-breast-cancer-research/]

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Safiya Marzook

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