Pathfinder Therapeutics Raises $5 Million in Series B
Published: May 14, 2012
Pathfinder Therapeutics Inc. has raised approximately $5.3 million in securities as part of an equity offering, according to a recent filing with the U.S. Securities and Exchange Commission.
Nashville-based Pathfinder has raised about $8.3 million over the past two years. The company develops a image-guided GPS device that helps physicians accurately determine surgical sites for cancer patients.
Pathfinder is the first company to receive clearance from the Food and Drug Administration for a medical device to navigate liver surgery using preoperative medical images. The company is also developing guidance systems for the kidney, pancreas and other organs.
Jim Cloar, president and CEO of Pathfinder Therapeutics, said the new funding will go toward "advancement of product development ... and features to advance the technology."
Cloar added that about four new salespeople will be hired, which would increase its workforce by 20 percent.
Pathfinder was founded six years ago when it was spun out of Vanderbilt University Medical Center.