SAN DIEGO, Nov. 28 /PRNewswire/ -- Naviscan PET Systems, Inc., a privately held company that manufactures and develops high-resolution PET scanners, announced today that it has completed a $6.5 million Series B round of financing, led by Sanderling Ventures. Mayo Medical Ventures also participated in the financing.
Proceeds from the financing will be used to further clinically validate and commercialize Naviscan’s patented high-resolution PET scanner. In addition, the Company will also use the proceeds to develop proprietary imaging agents including several licensed from Mayo.
Naviscan PET Systems, Inc. is the first company to obtain FDA clearance of a high-resolution PET scanner designed to image small body parts. The device was developed to help physicians and researchers diagnose and locate cancer, guide interventions, and advance new clinical therapies.
The PEM Flex(TM) Solo PET scanner has proven resolution of 1.5mm intrinsically, 2.0mm in-plane, which is unprecedented for clinical devices.
“The combination of proprietary molecular imaging agents and Naviscan’s high-resolution PET scanner presents a great market opportunity combining two patented technologies that will potentially yield the most effective early detection of cancer tumors,” said Paul Grayson, CEO of Naviscan PET Systems, Inc. “We are excited to plan clinical trial work with Mayo Clinic and other luminary sites in the U.S. to prove the value of the PEM Flex in breast cancer patients and to evaluate PEM’s role with high-risk patients.”
In conjunction with the Series B financing round, Naviscan has added Paul Grayson as the Chairman of the Company’s board of directors. Mr. Grayson is also the newly-appointed President and CEO of Naviscan and a Managing Director of Sanderling Ventures. Other new board members include Dr. Timothy Mills, Managing Director at Sanderling Ventures, and Jeffrey Torborg, New Ventures Manager with Mayo Medical Ventures.
About Naviscan PET Systems
Naviscan PET Systems, Inc., founded in 1995, designs and develops compact, high-resolution positron emission tomography (PET) scanners that are intended to guide challenging radiological and surgical procedures, and to guide minimally invasive therapy in the breast and prostate. Naviscan has developed PET scanners employed in clinical research studies, funded in part by the National Institutes of Health, at leading academic institutions. Results of these studies have been published in numerous peer-reviewed journals. The Company is headquartered in San Diego, California.
About Sanderling Ventures
Founded in 1979, Sanderling is among the oldest investment firms dedicated to building new biomedical companies. Sanderling demonstrates that significant companies are best built in close working partnerships with entrepreneurs.
Sanderling’s unique approach combines a specialized investment focus with active management and long-term commitment to ensure the highest rates-of- return for both its entrepreneurs and investors. Sanderling has offices in both San Diego and San Mateo. For more information on Sanderling Ventures and its portfolios please visit www.sanderling.com.
Naviscan PET Systems, Inc.
CONTACT: Paul Grayson of Naviscan PET Systems, Inc., +1-858-550-6061; orKathy Anderson of Mayo Clinic, +1-507-284-4371; or Carolyn Hawley of Atkins+ Associates, +1-858-527-3484, for Naviscan PET Systems, Inc.
Web site: http://www.sanderling.com/
