New Wave et al. invest in Endomagnetics

Sussex Place invested via its Regents Park Partners II fund, which is a £30m fund raised in March of this year under the Enterprise Capital Fund scheme.

UCL Business and Sussex Place are existing investors in the company, which has to date raised £7m in funding.

Endomagnetics will use the fresh capital to finance its US clinical trial, as well as further market development beyond its existing markets in EMEA and Australasia.

The company will also use the funds to support the launch of a new cancer market product next year.

Company
Founded in 2007 and headquartered in Cambridge, Endomagnetics has developed the instrument SentiMag, designed to allow surgeons to locate lymph nodes in cancer staging procedures alongside the company's Sienna+ tracer material.

Endomagnetics claims its products make the process faster and more cost-effective and convenient than traditional radioisotope-based methods.

People
Eric Mayes is the CEO of Endomagnetics. Richard Gourlay is a managing partner at Sussex Place.

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