Quantason Receives $3.2M in Series B Investment and Announces Move to Los Angeles
Published: Oct 23, 2012
PHILADELPHIA, Oct. 22, 2012 /PRNewswire/ -- Quantason, the foremost innovator in screening technologies for the early detection of premalignant breast lesions, recently completed the closing of its Series B investment raising $3.2 million from a group of investors led by Carolyn Bivens (a founding member of USA Today and Commissioner of the LPGA), Michael DiGregorio (former CFO at Korn-Ferry International and St. John Knits), Jeffrey LeSage (corporate partner at Gibson Dunn), Peter Seidel (former partner at Madison Tyler) and Martin Sarafa (founder and Managing Partner of Century Park Capital Partners). Mrs. Bivens and Mr. Seidel have joined Quantason's Board of Directors. The funds will be used to complete the IDUS system integration, continue product development, initiate clinical trials and strengthen the IP protection. The Company has also announced that it will relocate its headquarters to Los Angeles, California in November 2012.
Quantason's Chairman, Edward Ray, commented that, "We are excited to begin the next cycle of the Company's development and are pleased to welcome members who bring valuable management and financial skills in addition to their dedication to Quantason's mission." Quantason's President and CEO, Dr. Edmond Rambod, said, "The Company's technological advances continue to attract worldwide interest and the highest caliber partners. We look forward to beginning the clinical trials and introducing this revolutionary technology for the benefit of women worldwide. Our Medical and Scientific Board chaired by Professors Barry B. Goldberg (TJUH, Philadelphia, PA) and Ellen B. Mendelson (NWMH and Feinberg School of Medicine, Chicago, IL); both are distinguished thought-leaders who are invaluable to the success of the clinical work. I would also like to acknowledge the collective and remarkable contributions of the current Directors, investors and medical advisors."
Quantason has developed a revolutionary, next-generation bi-modal (US/IDUS) platform technology which fundamentally changes the utilization of conventional ultrasound both as a modality for diagnostic imaging and as an active screening method. Quantason's patented and patent pending technology expands the capabilities of conventional ultrasound systems by combining anatomical 2D imaging with proprietary real-time acoustic stimulation paradigms to image, detect, locate in 3D, and classify micron-size target(s) - previously conceived to be outside of conventional ultrasound capabilities - based on their unique response signature(s). IDUS is sensitive to tissue characteristics and material properties which are clinically associated with disease states, such as markers of breast premalignant lesions (clusters and grouped microcalcifications), which may not be visible in traditional ultrasonic and mammographic images. IDUS is compatible with both automated, hands-free, volumetric ultrasound scanners as well as conventional systems with hand-held transducers. The competitive advantage of IDUS lies in its use of widespread, ionizing-radiation-free, real-time and cost-effective ultrasound which is patient friendly, user-intuitive, time-effective and reimbursable. Other targeted applications of IDUS include in-situ drug delivery, precision biopsy guidance, intra-body navigation, and many other unregulated and non-medical applications. Quantason has a strong intellectual property portfolio and broad patent and trademark protections. More information about Quantason can be found at www.quantason.com.