OnLume raised more than $7 million in this financing, adding to a $2 million Phase II SBIR grant from the National Cancer Institute (NCI) of the National Institutes of Health (NIH), awarded in late 2020.
“The completion of the Series A financing, plus the Phase II grant from NCI, provides the resources for important milestones ahead during the next 24 months,” stated James A. Bowman, OnLume’s CEO. “These activities include commercial launch into our first market vertical and progress on other market opportunities.”
This Series A financing was led by Cambridge Investment Group (Luzich Partners LLC) and participation included WARF Ventures (Wisconsin Alumni Research Foundation) and Wisconsin Investment Partners (WIP).
“This achievement highlights the promise of OnLume’s patented technology in the field of fluorescence-guided surgery, which illuminates critical anatomy in real-time during surgery to optimize precision, helping to improve patient outcomes, reduce morbidity and reduce costs,” added Bowman.
OnLume Inc. is a surgical device company which recently received its first U.S. Food and Drug Administration regulatory clearance to bring its fluorescence-guided surgery (FGS) imaging system to market. The technology is cleared for fluorescence imaging of blood flow and tissue perfusion before, during and after vascular, gastrointestinal, organ transplant, plastic, reconstructive and microsurgeries. OnLume is developing further applications of its imaging platform, including FGS for cancer surgery in which tumor-specific drugs could deliver fluorescent agents to cancer cells to help surgeons identify residual cancer tissue that are otherwise invisible.