MADISON, Wis.--(BUSINESS WIRE)--OnLume Surgical, a Wisconsin-based medical device company developing novel imaging systems for use during surgery, announced the completion of its Series A funding to assist its plans for commercial launch.
OnLume raised over $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 Chief Executive Officer. “These activities include commercial launch into our first market vertical and progress on other market opportunities.”
“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 Mr. Bowman.
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).
About OnLume Inc.: OnLume Inc. is a surgical device company which recently received its first FDA 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.
About the National Institutes of Health (NIH): NIH, the nation's medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. Research referenced in this press release is supported by the National Cancer Institute of the National Institutes of Health under the award number R44CA206754. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.