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Confirma, Inc. Closes $17.5 Million Financing


1/9/2008 8:05:17 AM

BELLEVUE, Wash.--(BUSINESS WIRE)--Confirma®, pioneer and leader in application-specific computer-aided-detection for MRI, has raised a $17.5 million dollar Series C round led by Telegraph Hill Partners. Fluke Venture Partners joined the round along with returning investors Northwest Venture Associates, Prism Ventureworks and Versant Ventures. Dr. Tom Raffin and Jeff Calhoun from Telegraph Hill will join Confirma’s Board of Directors as will Denny Weston from Fluke Ventures. The investment will be used to fund the Company’s operations and new product development with continued emphasis on customer satisfaction.

“We are pleased to have the endorsement of our growth plans by Telegraph Hill Partners who have made a significant commitment to Confirma,” said Wayne Wager, president and CEO, Confirma. “With this new funding we will move forward aggressively to deliver innovative products to customers and strengthen corporate operations.”

“Confirma has proven to be the leader in CAD for breast MRI with approximately a thousand systems installed throughout the world, assisting healthcare providers to meet the growing demand for breast MRI,” said Dr. Tom Raffin, Telegraph Hill Partners. “We look forward to working with Confirma as it expands the successful CADstream platform to new applications.”

About CADstream for Breast MRI

The CADstream system automates analysis, reporting and interventional planning of studies and promotes standardization with the incorporation of the American College of Radiology’s Breast Imaging Reporting and Database System (BI-RADS®), which guides the breast cancer diagnostic routine and decision-making process. Confirma’s next-generation version of CADstream for breast MRI, launched at the 2007 RSNA meeting, includes a new customizable BI-RADS®-centric user interface that accommodates a variety of user experience levels. Additional CADstream enhancements planned for future release include improved 3D renderings and tools for morphology reporting.

The July 2007 issue of Radiology published research from the University of Washington and Seattle Cancer Care Alliance indicating that CAD for breast MRI may improve standardization, and the analysis of benign and malignant lesions. CADstream was the CAD for breast MRI system used in this study.

About CADstream for Prostate MRI

Prostate cancer is the second leading cause of cancer death in men. The need for prostate health management is growing rapidly, due to the increasing awareness that early detection will lead to long-term survival rates. MR imaging is emerging as an important tool for the noninvasive evaluation of prostate cancer, showing proven sensitivity for staging and determining extent of disease. Prostate MRI also can assist physicians in more precise biopsy planning.

Like Confirma’s CADstream for breast, the company has developed a CADstream for prostate that is designed to provide specific workflow-enhancing tools for prostate MRI analysis and reporting. The system, currently in development, includes image registration, alignment between contrast series and T2 images, and uptake and washout maps. The system also automatically creates multiplanar reformats, subtractions, MIPs and prostate-specific reports.

About Telegraph Hill Partners

Telegraph Hill Partners, based in San Francisco, CA, is a private equity investment firm specializing in life science medical device and healthcare businesses. The firm targets investments in private companies that demonstrate strong financial performance and innovative products or services. Additional information can be found at www.thpartners.net.

About Confirma

Confirma develops and markets application-specific CAD systems and accessories for MRI. CADstream is the standard in CAD for MRI, with approximately 1000 installations and thousands of users worldwide. Confirma’s approach to CAD is unique: CADstream is developed with specific tools for each application in order to streamline workflow and standardize study analysis. CADstream automates the analysis and interventional guidance of MRI studies, providing higher quality imaging studies, lower costs for radiology practices and improved communication tools for physicians and patients. In its initial application, CADstream was developed to assist in the analysis, interventional guidance and reporting of breast MRI studies. CADstream can be integrated into any workflow scenario, and is compatible with all MRI scanners and PACS.

Confirma supports professional development in MRI and CAD technology through its extensive medical education program, including a newly launched continuing medical education (CME) program for breast MRI through the International Center for Postgraduate Medical Education (ICPME).

Confirma has established partnerships with companies including GE Healthcare, Philips Medical Systems and Medipattern, Vital Images and Carestream Health. Confirma has partnered with hundreds of imaging centers and corporate partners worldwide since 2003, helping develop more standardized, high performance breast MRI programs that deliver premium patient care. Confirma Europe GmbH opened operations in Berlin to further develop the European market. Frost & Sullivan recognized Confirma with the 2006 Industry Innovation and Advancement Award for the U.S. CAD market. For more information, visit www.confirma.com or call 877-811-2356.

Contacts

Confirma Meghan Mitchell, 425/691-1446 mmitchell@confirma.com or

Gretchen Anderson, 425/691-1424 ganderson@confirma.com


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