EDINBURGH, SCOTLAND, medical devices company active within women's health, today announces the completion of a POUND7.4 million (gross) fundraising.
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DySIS Medical Ltd, a medical devices company active within women's health, today announces the completion of a POUND7.4 million (gross) fundraising.
The investment is comprised of POUND6 million from Copenhagen-based, Lundbeckfond Ventures, an investment group specialising in Life Sciences. A further POUND1.4 million was raised through existing shareholders Albion Ventures, NBGI and the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise.
Mikael Strindlund and Casper Breum from Lundbeckfond Ventures join the Board of DySIS Medical. Mikael commented, "DySIS Medical's technology offers substantial clinical benefits in the fight against cervical cancer as well as improved cost-effectiveness over existing care. We believe DySIS is a compelling business to invest in."
DySIS Medical, based near Edinburgh, Scotland develops and markets the DySIS colposcope, which has been shown to substantially improve the accuracy of detecting early stages of cervical cancer. The system was recommended for procurement by the UK National Institute for Health and Clinical Excellence in August 2012.
Cervical cancer is highly preventable if detected in the early stages of development. However, around 250,000 women die every year from the disease, demonstrating the difficulty of diagnosing the disease in its early stages using current methods. DySIS technology uses an advanced imaging method to quickly and painlessly analyse the condition of the patient's cervix. A DySIS examination takes the same amount of time as conventional colposcopy, but delivers significantly improved diagnostic results. Extensive multi-centre clinical trials have been conducted and have demonstrated that DySIS is substantially more effective than the traditional methods in use today. The most recent clinical publication showed that DySIS detected 97% of all cases of cervical cancer caused by the most prevalent form of the human papillomavirus (HPV). According to the same clinical trial, traditional methods detect only 55% of early stage cancer.
Alastair Atkinson, CEO of DySIS Medical, said: "This investment is another significant milestone for the Company and will be used to fund our further expansion in our target markets, the US and Europe. The specialist focus of Lundbeckfond Ventures is a great match for the Company and we are delighted by their investment in DySIS Medical and the continuing support from Albion Ventures, NBGI and SIB."
The DySIS colposcopy system has a CE mark and has been cleared for use by the US Food and Drugs Administration. With a growing installed base of instruments, an estimated 10,000 women have had a DySIS exam to date.
DySIS Medical Ltd
DySIS Medical Ltd has its global headquarters in Edinburgh. The company is committed to saving lives through the early detection and diagnosis of disease using biophotonic innovations. It aims to be the global leader in automated optical molecular imaging technologies for medical diagnostic and screening applications. For more information, please visit: www.dysismedical.com
The DySIS cervical cancer screening product employs advanced photonics and computer assistance to quantify and map the aceto-whitening process, providing clinicians with reliable information to assist in the identification of pre-cancerous lesions. The product is sold in Europe and the US.
Lundbeckfond Ventures is an evergreen life science venture fund established and wholly owned by the Lundbeck Foundation. The firm is investing internationally with focus on life science companies that address areas with real unmet medical needs. On an annual basis, Lundbeckfond Ventures invests up to EURO 50 million. For more information, visit www.lundbeckfondventures.com