10.22.14
Salem, N.H.-based Gamma Medical, which makes digital molecular imaging technologies, has completed a round of growth capital financing amounting to $11.5 million. $6.5 million of that came from specialty finance company Hercules Technology Growth Capital, and the rest from existing investor Psilos Group.
Gamma will use the new investment to power increased sales and marketing efforts and help grow adoption of molecular breast imaging (MBI) globally.
“Gamma Medica is dedicated to supporting the advancement in early breast cancer detection and treatment through the commercialization of our award-winning Lumagem MBI system worldwide,” said President and CEO Jim Calandra. “We value our relationship with Psilos Group and Hercules Technology Growth Capital in helping us drive this continued growth and market acceptance.”
Gamma Medica’s flagship product, the Lumagem MBI system, is intended for women with complex breast anatomy, such as dense breast tissue, where screening mammogram and ultrasound miss many early cancers. Molecular breast imaging detects lesions as small as five mm and has demonstrated sensitivity and specificity equivalent to that of MRI at a fraction of the cost, the company claims. The system is approved for use in the United States.
“We believe Gamma Medica has developed the best cancer detection technology that exists today for women with dense breast tissue, and their success to date in establishing MBI as an important tool in the battle against breast cancer is impressive,” said David Eichler of Psilos. “Psilos’ continued investment reflects our enthusiasm about the market opportunity for molecular breast imaging, and our confidence that Gamma Medica will continue to further Lumagem’s clinical adoption and technology leadership.”
Gamma will use the new investment to power increased sales and marketing efforts and help grow adoption of molecular breast imaging (MBI) globally.
“Gamma Medica is dedicated to supporting the advancement in early breast cancer detection and treatment through the commercialization of our award-winning Lumagem MBI system worldwide,” said President and CEO Jim Calandra. “We value our relationship with Psilos Group and Hercules Technology Growth Capital in helping us drive this continued growth and market acceptance.”
Gamma Medica’s flagship product, the Lumagem MBI system, is intended for women with complex breast anatomy, such as dense breast tissue, where screening mammogram and ultrasound miss many early cancers. Molecular breast imaging detects lesions as small as five mm and has demonstrated sensitivity and specificity equivalent to that of MRI at a fraction of the cost, the company claims. The system is approved for use in the United States.
“We believe Gamma Medica has developed the best cancer detection technology that exists today for women with dense breast tissue, and their success to date in establishing MBI as an important tool in the battle against breast cancer is impressive,” said David Eichler of Psilos. “Psilos’ continued investment reflects our enthusiasm about the market opportunity for molecular breast imaging, and our confidence that Gamma Medica will continue to further Lumagem’s clinical adoption and technology leadership.”