Wednesday, September 28, 2011

Oncoscope Closes $2M of Financing

Excerpt from WRAL

Cancer detection medical device company Oncoscope has closed on $2 million in financing, according to securities filings.

Durham-based Oncoscope is developing an optical imaging system that can be used for early detection of cancers in the esophagus, colon, lungs, cervix and bladder. Oncoscope is currently conducting a clinical trial sponsored by an SBIR grant from the National Institutes of Health. One of the clinical sites in the multi-center study is the Center for Esophageal Diseases & Swallowing at the University of North Carolina at Chapel Hill.

Oncoscope is studying its system as a way to detect Barrett’s esophagus, a precancerous condition that is currently diagnosed with an upper endoscopy and biopsy. The company says its imaging system can detect whether precancerous changes are present and give doctors that information in real-time.

Oncoscope was founded in 2006. The imaging technology that the company is developing was licensed from Duke University. This latest fundraising effort initially started in April, with a target of $1 million. In July, Oncoscope filed an amendment having raised $890,737 toward the new target of $2 million.

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