SENO Medical Announces Close of $6 Million in Funding to Fuel Development of New Cancer Diagnostic Technology
(San Antonio, TX, January 31, 2007) – Seno Medical Instruments, Inc., a company engaged in the development of medical devices, announced the completion during December 2006 of its Series A Preferred Stock offering. The San Antonio-based company received aggregate proceeds in the amount of $6.0 million from the offering. This funding allowed the company to start pursuing the development and commercialization of its innovative, patented opto-acoustic technology.
The platform technology, which combines light and sound to produce high contrast images for cancer detection, has a multitude of potential applications. Initial applications will target the research and breast cancer markets. The first clinical applications, breast cancer diagnosis and screening, will target a market estimated to be $5.9B (North America only). Future applications include ovarian, prostate, colorectal, bladder, and melanoma cancers, as well as a multitude of other non-cancer applications.
The company’s Chief Executive Officer, Janet Campbell, is one of the first female CEOs in the breast cancer imaging industry. Ms. Campbell stated, “This funding milestone is cause for celebration among company founders and investors. The prominence of our Series A investors in the medical field is yet another validation of this potentially ground-breaking technology.”