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Dune Medical closed $12.5 million second round of venture financing led by Apax Partners June 29, 2006

Posted by israelhealthcare in Medical Device.
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Israeli medical device company, Dune Medical, has closed a $12.5 million second round of venture financing led by Apax Partners who invested $11.5 million in the round. Apax also led the $7.5 million first round which closed in 2004.

This funding will be used to complete pivotal U.S. clinical studies of Dune’s BP probe and console system, attain market clearance of the BP system in the U.S. by the Food & Drug Administration (FDA).

Dune has also received the European Union CE Marking designation for its disposable BP probe and console system. The intended use for the probe and system is to enable intraoperative, on-contact measurement of suspected tissue surfaces during a lumpectomy (partial mastectomy) procedure. The CE mark permits Dune to market its device throughout the European Union.

“The Dune BP probe and console system will enable surgical oncology teams to consistently obtain cleaner margins during the initial procedure,” said Amos Goren from Apax Partners and director of Dune’s board. “This has the potential to drastically reduce the disturbingly high rate of re-excisions, and there is a particularly noteworthy need for this especially in breast cancer.”

Headquartered in Ceasarea, Israel and founded in 2002, Dune Medical Devices is engaged in the development and commercialization of devices for real time tissue characterization. Dune’s first commercial product is a disposable hand-held device that facilitates complete tumor removal. The device will be used by surgeons performing lumpectomies in order to assess tumor margin in real time.

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