Company name: Quantason.
Industry: oncology/medical device.
Location: Philadelphia since 2009, but as of next month, it is relocating to Los Angeles, according to a company statement.
Solution/product: The company claims its device takes an innovative approach to ultrasound. It is designed to be more sensitive than traditional ultrasound and is able to detect subtle tissue characteristics such as markers of breast premalignant lesions and microcalcifications, which are not visible in other forms of ultrasound and mammography, according to its website.
Money raised: $3.2 million in a series B financing round.
How it will be used: The investment will go toward initiating clinical trials, scheduled to begin in the first quarter next year. The funding will also be used for to complete the IDUS system integration and strengthen IP protection, according to a company statement.
Investors: Carolyn Bivens, a founding member of USA Today and commissioner of the LPGA; Michael DiGregorio, a former chief financial officer at Korn-Ferry International; Jeffrey LeSage, a corporate partner at Gibson Dunn; Peter Seidel, a former partner at Madison Tyler; and Martin Sarafa, founder and managing partner of Century Park Capital Partners.
Management team: Edmond Rambod is the CEO. He previously founded and led BioQuantetics, a company that developed the foundations of the bi-modal functional ultrasound platform technology and later licensed it to Quantason. He also served as chief scientific officer for National Quality Care, which developed a battery-operated, wearable artificial kidney. The chairman of the company is Edward Ray, who previously was president of Sonoworld.com, a medical communication company that provides educational materials and information to healthcare professionals using ultrasound.
Market: The U.S. breast cancer detection and diagnostic technologies market is expected to grow to more than $2.8 billion in 2013, according to data from Life Science Intelligence. Some companies have been developing diagnostic devices that avoid using radiation and are aimed at diagnosing breast cancer earlier. UE Lifesciences has a device that uses breast thermography to identify breast cancer. Its computerized, functional infrared imaging system analyzes temperature pixels from infrared frames to identify physiologic signs of developing breast cancer. It is also developing a hand-held device that can distinguish between normal breast tissue and a tumor. First Warning System has developed a “smart bra” with sensors that can compute cell temperature changes created over time by new blood vessel growth associated with developing tumors.