CHICAGO--(BUSINESS WIRE)--Novian Health, developer of Novilase® Breast Therapy, announced today that it has successfully completed a funding round totaling $11 million. iNetworks, LLC (Pittsburgh, Pa) led the round of Series A Preferred share financing, which also included prior and new investors.
Proceeds from the funding will primarily be used to conduct Novian’s multicenter clinical trials in the U.S., Britain and France on the use of nonsurgical Novilase Interstitial Laser Therapy (ILT) for treating breast cancer. Patient enrollment for the multicenter trials has already begun in the U.S. and will commence soon in Britain and France.
“This substantial commitment from iNetworks as the institutional lead, along with other investors, will foster continual research and growth leading to commercialization of the Novilase treatment, which could greatly benefit women who have early-stage breast cancer,” said Henry “Chip” Appelbaum, Novian Health’s President and CEO. “iNetworks has a deep understanding of oncology and breast cancer treatment issues. Their confidence in the application of Novilase ILT to early-stage disease underlines the promise of Novian’s approach.”
The multicenter studies follow a successful feasibility study conducted at Rush University Medical Center by Kambiz Dowlat, M.D. The multicenter studies will evaluate the rate of complete tumor ablation (destruction by laser) of breast cancers that are less than 2 centimeters. They will also comprehensively correlate the pathology of post-ablation lumpectomy specimens with MRI and ultrasound in detecting any residual tumor.
“We have long been impressed with the Novilase therapy, and we expect it to help pioneer major improvements in the treatment of early-stage breast cancer,” said Anthony M. Lacenere, Managing Director of iNetworks.
When applied to early‐stage breast cancer, Novilase ILT may provide women with an ablation option that could result in a lower rate of residual disease. That means fewer retreatments, a shorter recovery time, and minimal scarring and breast deformity. Novilase does not preclude any additional treatment such as radiation therapy and/or systemic adjuvant therapy, per standard of care.
Given the trend toward more precise, targeted cancer treatments, many women today expect less-invasive procedures. Just as needle-core breast biopsy now provides an alternative to surgical biopsy, Novilase ILT may be another option for breast cancer patients who are considering surgical lumpectomy.
Novian Health will also seek to close on an additional $2.5 million of funding authorized in the current round.
*Availability of Novilase ILT in Europe and the U.S.
*Multicenter trial sites and publications about Novilase ILT
*Novilase ILT vs. lumpectomy
Novilase is a laser-based, minimally invasive device for destroying tumors. It provides an alternative to conventional surgery while preserving the patient’s options for additional procedures or adjunctive therapies. The image-guided outpatient procedure does not require general anesthetic or a hospital stay.
About Novian Health
Novian Health Inc., based in Chicago with a subsidiary in Evry, France, is a privately held medical device company with proprietary technology for the treatment of tumors using Interstitial Laser Therapy. Developed as an alternative to surgery, the company’s technology uses parametrically controlled heating for the ablation of tumors. Image-guided treatment of breast tumors is the first application of the technology, with the potential for Novilase to treat tumors elsewhere in the body. Novian Health has received U.S. FDA 510(k) clearance for the treatment of benign breast tumors. For more information, call (312) 266-7200 or access www.novianhealth.com.
Founded in 1999, iNetworks helps companies and entrepreneurs accelerate their solutions by providing capital and intellectual resources to solve critical problems. iNetworks focuses primarily on healthcare and life sciences businesses that develop breakthrough technologies to improve clinical outcomes for patients and save time, money, and resources for healthcare providers. Learn more at www.inetworksllc.com.