The Series A, led by iNetworks LLC, will support multicenter clinical trials of Novian’s device in the U.S., Britain and France. Enrollment has already begun in the U.S. and will start shortly in Europe.
Novilase Interstitial Laser Therapy is an image-guided procedure that uses two needles inserted into the breast to deliver controlled heat that ablates breast tumors. It’s an outpatient procedure that’s intended to be used as an alternative option to a traditional lumpectomy.
Already approved by the U.S. Food and Drug Administration for use in treating benign tumors, Novian’s device is now being tried to evaluate the rate of complete tumor ablation of breast cancers smaller than 2 cm in size. The company says the therapy may provide women with malignant tumors with an ablation option that would result in a lower rate of residual disease, fewer treatments, shorter recovery and less scarring.
An estimated 211,000 women are diagnosed with breast cancer each year in the U.S. Current treatment options may include neoadjuvant chemotherapy, mastectomy and lumpectomy followed by radiation therapy, but about 250 companies are working on new treatment, according to an analysis from Decision Resources.
According to clinicaltrial.gov, Novian should wrap up the 12-month study in April. In the meantime, it’s also looking to close another $2.5 million tranche of the Series A.
The device company is based in Chicago and has a subsidiary in Evry, France.
[Screen cap from Novian Health website]