WELLESLEY, MA, Lumicell has raised $28.7 million in Series C financing.
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Lumicell, a technology leader in the field of image-guided cancer surgery, today provided an update on the company's development strategy for its LUM system pipeline including plans to initiate its pivotal trial in breast cancer as well as expansion of its clinical studies in four other solid tumor cancers.
Advancement of the LUM System clinical pipeline will be funded through a $28.7 million Series C financing, which the company recently closed. Existing and new investors, including Launch Capital and BlueIO participated in the financing.
Lumicell is investigating the LUM System in patients undergoing surgery for breast cancer, prostate cancer, colorectal, esophageal and pancreatic cancers. Additional future indications are planned to include surgeries for lung, ovarian, and brain cancer, among others. The LUM System was designed by leading engineers and scientists in partnership with surgeons from academic and medical centers as an integrated system with three unified components: drug, device and decision software to guide cancer surgeons in the detection and removal of cancer cells in real-time during surgery.
Kelly Londy, Chief Executive Officer of Lumicell, stated, "We are grateful for the funding and support from our investors which will be used to drive completion of our breast cancer studies as well as expand the LUM System pipeline into additional cancer indications, with a focus on driving innovation to improve patient outcomes. We look forward to several key development milestones, over the next year, as our platform moves into the next stages and our company grows."
"We are pleased to support Lumicell in its drive toward providing cancer surgeons with a single integrated system to detect and remove cancer cells in real-time during surgery and potentially reducing the need for repeat surgeries," said Elon Boms, Founder and Chairman, Launch Capital.
"The clinical applications for the LUM System are far-reaching and we look forward to working with the Lumicell team to expand this potential game-changing advance in cancer surgery and beyond with their innovative platform. We are very proud to be involved in supporting Lumicell's immediate go to market growth phase as they work to advance clinical care for all cancer patients," said Dave Furneaux, CEO of BlueIO and Managing General Partner, Kodiak Venture Partners
About Lumicell, Inc.
Lumicell is a technology leader in the field of image-guided cancer surgery. The company is developing a novel system that enables real-time detection of tumor tissue in patients so that no cancer cells are left behind during surgery. The LUM System includes three integrated components: a fluorescent optical contrast agent that is cancer- and immuno-activated, a novel hand-held imaging device that instantly scans the cavity walls to view the fluorescent cells with single-cell detection, and proprietary decision software that displays the image instantly on a monitor to guide surgical removal of cancerous tissue. The unprecedented ability to see and remove cancer cells remaining in the cavity - beyond the margin of the specimen - during the initial surgery has the potential to significantly improve surgical outcomes and reduce healthcare costs by eliminating the need for repeat surgeries. Lumicell is investigating the LUM System in patients undergoing surgery for breast cancer, prostate cancer, colorectal, esophageal and pancreatic cancers. Additional future indications are planned to include surgeries for lung, ovarian, and brain cancers. For more information, please visit www.lumicell.com.