Delphinus Medical Technologies secures $8M in venture capital to commercialize SoftVue system
February 13, 2016
"We are highly interested in medical technologies that result in better patient care while removing costs from the health care system," said Michael Gross, managing director for Beringea. "The Delphinus SoftVue system achieves these objectives through superior accuracy and the potential to eliminate up to two million unnecessary breast biopsies per year, which account for $2 billion in annual health care expenditures worldwide."
Up to now, funding for SoftVue has come from grants received from the Avon Foundation, Michigan Economic Development Corporation, National Cancer Institute, National Institutes of Health, the Susan G. Komen for the Cure, The Herrick Foundation Cancer Research Challenge; as well as from other anonymous donors.
Greenway added, "We're very grateful for this venture capital commitment. This will allow Delphinus to hire approximately 20 staff this year to fill highly technical engineering system and software positions to design a SoftVue system for commercialization, and eventually grow to 50 ??“ 100 positions within the next three to five years."
More than 300 women were involved in the initial clinical studies which confirmed that SoftVue accurately and safely identifies breast cancer. Delphinus has received sale commitments for the SoftVue system from several health institutions nationally and internationally, who have agreed to be part of the ongoing clinical studies to support the findings to-date. The company will follow-up with the introduction of the product for screening women who are at high risk of breast cancer and eventually serve the entire spectrum of breast imaging needs.
"I commend the Delphinus team, their tireless commitment and research with SoftVue to prove its effectiveness in detecting breast cancer in its earliest stage, especially in women with dense breast tissue," said Gerold Bepler, M.D., Ph.D., president and chief executive officer, Barbara Ann Karmanos Cancer Institute. "This is an exciting milestone, 10 years in the making, and I am confident that Drs. Duric and Littrup, along with Bill Greenway, will continue their due diligence with the SoftVue system which shows great promise in the fight against breast cancer."
SOURCE Barbara Ann Karmanos Cancer Institute