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BERINGEA INVESTS IN $39.5M C SERIES C FUNDING ROUND.

Beringea, has invested in Delphinus Medical Technologies, funding round of $39.5 million, the single largest amount ever raised for a healthcare imaging company in the Midwest, as well as the largest for a medical device company in Michigan.

Beringea joins current Delphinus investors Arboretum Ventures and North Coast Technology Investors, as well as new investors Venture Investors, Hopen Life Science Ventures and Waycross Ventures, in the syndicate. The oversubscribed financing round will be used to underwrite regulatory efforts and fuel the commercialization plans for SoftVue, Delphinus' breakthrough whole breast ultrasound system that allows physicians to image the entire breast, including the chest wall, for diagnostic

Currently, 24 states have enacted legislation requiring that women who have dense breast tissue receive notification of it in their mammography report. The legislation covers nearly two-thirds of the women in the United States. Dense breast tissue increases a woman's chance of having breast cancer, yet presents a greater challenge in detecting it with mammography alone. Supplemental breast imaging, such as breast ultrasound, may benefit women with dense breast tissue.

As an ultrasound technology, SoftVue offers the potential to not only assist physicians in finding more cancers, but also to reduce the false positive rates that have troubled other breast imaging techniques. SoftVue's unparalleled, sophisticated design incorporates a circular ultrasound transducer, unique to medical imaging, presenting cross- sectional ultrasound slices through the entire volume of breast tissue. The multi-dimensional imaging captures not only reflected echoes in a 360-degree array, but also signals passing through the breast, depicting tissue characterization.

Delphinus is planning to launch a large multi-site clinical study to support a PMA application for a supplemental screening indication for women with dense breasts. Later this year, the company will begin by prospectively imaging 10,000 women with SoftVue in eight centers around the country. Using the imaging, a reader study will then be conducted. The study will compare SoftVue to digital mammography, and demonstrate its effectiveness in finding cancers that are not seen with mammography, while reducing false positives, thereby reducing the need for follow-up testing. False positives have gained recent attention in other breast imaging technologies and have been implicated in driving up healthcare costs, as well as patient anxiety.

About Delphinus Medical Technologies, Inc.

Headquartered in Plymouth, Mich. with a satellite office in Sunnyvale, Calif., Delphinus Medical Technologies, Inc. is a medical imaging company that has developed SoftVue, the first circular array transducer technology that has received sequential U.S. Food and Drug Administration clearances. The patented technology is a whole breast ultrasound imaging device that delivers no radiation, requires no compression, and images the entire breast with a single scan. SoftVue is indicated for use as a B-mode ultrasonic imaging system and is not intended to be used as a replacement for screening mammography. For more information, visit www.delphinusmt.com.

About Beringea

Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, information technology, advanced manufacturing, media and specialized consumer products.

For more information, visit www.beringea.com or call 248/489-9000.
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Publication:Biotech Business
Geographic Code:1U3MI
Date:Oct 1, 2015
Words:533
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