Novian Health, a medical device manufacturer based in Chicago, Illinois, announced that it had successfully completed a series A funding round for $11 million. According to a press release by the company, funds from the round will be used for further testing of its laser-based breast cancer treatment.
In its press release, the company stated that iNetworks, a Pennsylvania-based venture capitalist, led the latest funding round. Participants included both new and current investors at the company.
Novian Health currently has physical operations in Evry, France and Chicago, Illinois. Money from the latest financing round will be used for clinical testing of its Novilase Interstitial Laser Therapy Device at different sites in France, the United States and Britain. Enrollment for the trial is currently underway. Researchers plan to use the device for the ablation of breast cancer tumors with a diameter of less than two centimeters. After ablation therapy, patients will undergo an MRI scan to determine the location of remaining tumors. A traditional lumpectomy is then used for the removal of remaining cancerous tissue.
Henry Appelbaum is the president and CEO of Novian Health. In prepared remarks, he said, “This substantial commitment from iNetworks as the institutional lead, along with other investors, will foster continual research and growth leading to commercialization of the Novilase treatment, which could greatly benefit women who have early-stage breast cancer.”