SALEM, N.H.--(BUSINESS WIRE)--Gamma Medica, Inc., dedicated to improving patient health through early diagnosis of breast cancer, today announced that it has closed a $16 million Series A financing round from healthcare investment firm Psilos Group Managers, LLC (“Psilos”). This investment will enable Gamma Medica to expand commercialization of the LumaGEM® Molecular Breast Imaging (MBI) system and its companion product the LumaGUIDE® MBI-guided biopsy module.
LumaGEM is a fully digital molecular imaging system that clearly highlights tumors obscured by dense breast tissue. As an effective secondary diagnostic tool, the LumaGEM system enables radiologists to detect early-stage cancers that are missed by mammography in women with dense breasts. Approximately 40% of women have dense breast tissue and few are aware that mammography screening is unlikely to identify early-stage cancers. Nine states have already passed laws requiring doctors to inform patients about their dense breast tissue and to guide them to more effective modalities for diagnostic screening.
LumaGEM is designed for patient-friendly exams and has been clinically proven to provide >90% sensitivity and specificity as an adjunct to mammography for early detection of breast cancer in dense breasts. With its recent $16 million Series A funding commitment, Psilos has brought its total investment in Gamma Medica to more than $20 million. Proceeds from the round will also be used to fund additional multi-site post-market clinical studies involving several of the leading academic research institutions in the U.S.
Jim Calandra, Gamma Medica’s President and CEO, commented, “This funding enables Gamma Medica to provide leading-edge technology designed to aid breast radiologists in diagnosing difficult cases, particularly in women with dense breast tissue, and provides the financial capability to drive market expansion of MBI. We value our relationship with Psilos and are committed in the fight against breast cancer through early diagnosis.”
“There is growing knowledge among providers and patients alike that annual mammography screening for the 40% of women with dense breast tissue is woefully inadequate in detecting cancer. LumaGEM has demonstrated equivalent sensitivity, and improved specificity, relative to MRI in dense breast and other high risk cases at roughly one-third the cost” said David A. Eichler, Managing Member at Psilos. “This is an excellent fit with our investment strategy which is focused on opportunities that improve the quality of patient care and enhance clinical outcomes at a lower cost to the healthcare system. We look forward to working in partnership with the management team at Gamma Medica to further advance this important technology.”
About Psilos Group
Group Managers, LLC ("Psilos") is a healthcare investment firm
focused on providing venture and growth capital to companies operating
in the healthcare economy. The firm believes that successful healthcare
innovation must reduce cost, improve quality and align incentives across
payers, providers and patients. Founded in 1998, Psilos has nearly $600
million under management and invests across three core healthcare
sectors: healthcare services, healthcare information technology and
medical technology. Funds managed by Psilos have invested in companies
such as ActiveHealth, AngioScore, Definity Health, Extend Health,
HealthEdge, OmniGuide, and SeeChange Health, among many others, which
have played, and continue to play, key roles in the transformation of
the U.S. healthcare economy.
About Gamma Medica, Inc.
Gamma Medica, Inc. is dedicated to the development of advanced digital
imaging technologies that address the growing importance of overcoming
the critical shortcomings of mammography and other screening modalities
in the early detection of breast cancer. The company designs, builds and
services the LumaGEM® MBI system, the first commercially
available, FDA-cleared planar, dual head, fully solid-state digital
imaging system utilizing cadmium zinc telluride (CZT) technology for
molecular breast imaging.