Plymouth Township-based Delphinus Medical Technologies Inc. has secured nearly $40 million in venture capital funding, one of the largest amounts for a medical device company in the state.
The financing round will be used to underwrite regulatory efforts and fuel the commercialization plans for Delphinus' advanced whole breast ultrasound system that allows physicians to image the entire breast, including the chest wall, for diagnostic imaging purposes.
"Delphinus has the potential to have a profound impact on the effectiveness of breast cancer screening for a significant population of women who have dense breasts," says John Neis, managing director at Venture Investors, the group that led the financing. "Data from their innovative approach demonstrate the potential to detect cancers in women with dense breast tissue that are missed by mammography."
Neis says the ultrasound technology can also help to reduce false positive rates that have caused problems with other breast imaging techniques. The multi-dimensional imaging depicts tissue characterization.
Delphinus is planning to launch a large multi-site clinical study, and will image 10,000 women in eight centers across the county.
The Series C round included new investment from Hopen Life Science Ventures in Grand Rapids and Waycross Ventures along with investors Arboretum Ventures in Ann Arbor, Beringea in Farmington Hills, and North Coast Technology Investors in Ann Arbor.