Milwaukee-based Novascan Inc. is raising $1 million to $2 million fund continued development of its cancer detection device.
[caption id="attachment_141422" align="alignright" width="410"] Novascan, which is based at Aurora Sinai, is being tested at Aurora facilities.[/caption]
The company, which was founded in 2001 and recently transitioned from an LLC to a C corporation, is raising the funds as an extension of an LLC round for which it has already raised $2.5 million, said Craig Davis, chief executive officer. Novascan plans to raise the remainder of the funds over the next several months.
"We’re using the funds to complete a product under design controls...and commence a pivotal trial," Davis said.
“We have a device that detects cancer electrically,” said William Gregory, founder and chief scientific officer. “It’s rapid, it’s inexpensive, it’s very accurate.”
The device is being tested at Aurora facilities and at Columbia St. Mary’s in Milwaukee. Novascan has been able to increase its sensitivity and specificity to nearly 100 percent for breast cancer, and now is focusing on skin cancer.
Novascan also is seeking a de novo classification from the U.S. Food and Drug Administration to move one step closer to commercializing its product.
Novascan’s largest investors are Aurora Ventures, Gore Range Capital and several high net worth angel investors. The company now has raised more than $5 million total.