BIOP MEDICAL ANNOUNCES $2.25 MILLION RAISED IN LATEST ROUND OF FUNDING
Investment to expand clinical trials of mobile device
that accurately detects cervical cancer at early stages
RAMAT GAN, Israel, April 5, 2016 – Biop Medical, a developer of point-of-care diagnostic tools for the accurate detection of epithelium cancers, announced that it has closed a Series A financing round of $2.25 million with investment from Shanghai Creative Investments (SCI), private US-based investors, and the Israeli Office of the Chief Scientist.
Biop Medical’s first application offers an alternative to biopsies for the accurate detection of cervical cancer at early stages.
The new funding supports the company in its product development and ongoing clinical trials of the company’s prototype device at Semmelweis University Hospital in Budapest, Hungary and in Rabin Medical Center in Israel. The final product design is expected to be completed by year end.
“We are very excited by our investors’ commitment to help Biop Medical in detecting the fourth most common cancer in women worldwide,” said Biop Medical CEO Ilan Landesman. “With this new investment, Biop Medical is poised to complete its flagship product and apply for regulatory clearance in the US and Europe.”
Biop Medical’s technology offers the most accurate diagnosis of cervical cancer and significantly decreases, nearly eliminating, the need for biopsies, which are painful and can cause infections and fertility issues. Current testing for cervical cancer involves pap screening or a HPV test, which require laboratory services. If the results are abnormal, a colposcopy exam, which is a visualization of the cervix, is performed. Physicians often perform up to four biopsies. This entire process can take up to two months causing not only discomfort but also extreme stress to patients who anxiously wait for test results. Biop’s technology provides an accurate diagnosis in three minutes.
Biop’s point-of-care technology combines advanced, high-resolution optics with integrated micro and macro cameras and other optical elements. The device is inserted into the vaginal canal until it is in contact with the cervix and projects a full array of coherent and non-coherent lights into the full depth of cervix. The received refractions emitted by the cervical tissue indicate where cancer and pre-cancer cells are located.
This data can automatically identify and map suspicious areas, and quantify the cancer’s advancement. The results are automatically uploaded to the cloud and are stored in patients’ electronic health records with big data analytics helping doctors predict which lesions will progress into cancer. Doctors can pinpoint where to perform biopsies by targeting the precise location of suspicious areas. The platform for aggregating the data was developed with the support of IBM during Biop Medical’s time at the IBM Alpha Zone Accelerator.
In addition to being easy to use, Biop Medical’s technology is mobile and digital. The device only requires a short and simple training, compared to years of experience required to capably perform common methods of cervical cancer diagnosis. “This makes the technology an ideal tool for patients in the developing world where access to cervical cancer screening is poor,” said Biop’s VP of Business Development Avi Rosenzweig. “As a best in breed, Biop expects to improve the user experience as it relates to cervical cancer screening in the western world while saving lives in the developing world. The device offers a cost-effective diagnostic solution to improve care for healthcare providers everywhere.”
The company also announced that Sid Braginsky joined Biop as Chairman of the Board in January. Mr. Braginsky is a former president and COO of Olympus USA which he led for more than 30 years, and helped build to a billion dollar business focused on optical products including cameras and medical instruments. He has also been the director and chairman of many other medical device and optics-based companies for the past two decades.
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About Biop Medical
Founded in 2013, Biop Medical is a privately-held company developing technologies that detect epithelium-based cancer in real time with a high rate of accuracy. Biop’s flagship product is focused on the identification, classification and diagnosis of cervical cancer.
Based in Ramat Gan, Israel, Biop Medical’s team consists of experienced members of the biology, physics and optics industries along with senior physicians worldwide. The company was a finalist in the 2014 New Ventures Healthcare Challenge at the Cleveland Clinic, and won the Most Innovative Prize at the mHealth Summit in Tel Aviv in 2016. To learn more, visit www.biopmedical.com.