Magnetic Insight Raises $18M to Support Commercial Growth of Magnetic Particle Imaging in Cell Therapy, Vascular and Oncology Applications
ALAMEDA, Calif., Dec. 12, 2018 /PRNewswire/ -- Magnetic Insight, Inc., a developer and manufacturer of transformational in vivo imaging platforms, announced a Series A financing led by 5AM Ventures. The proceeds will allow the company to expand the commercial and operations teams, scale manufacturing, and develop new application areas for the technology. In conjunction with the financing, David Allison, PhD, Partner at 5AM Ventures, and Joe Victor, CEO of RareCyte Inc, will join the board of directors.
Magnetic Insight has commercialized Magnetic Particle Imaging (MPI), a new in vivo imaging modality that directly detects magnetic tracers, enabling deep tissue imaging of functional events and pathologies not possible with current technologies. MPI offers unprecedented contrast and sensitivity that transforms preclinical research and therapy development, with an added promise of clinical translation.
"We are excited to partner with 5AM Ventures on our Series A financing to help us meet the global demand for the MOMENTUM MPI system. Since our commercial launch in 2017, we have delivered systems worldwide and leaders in in vivo imaging have been publishing on the MOMENTUM MPI system across applications in cell therapies, vascular disease and monitoring cancer treatments," said Anna Christensen PhD, President and CEO of Magnetic Insight.
"Magnetic Insight has the opportunity to transform in vivo imaging and become a critical tool in life science research with longer term potential for clinical applications. We are excited to work with the Magnetic Insight team to drive new application areas and scale the company globally," said David Allison, PhD of 5AM Ventures.
About Magnetic Insight
Magnetic Insight is life science tools company developing Magnetic Particle Imaging to accelerate preclinical research with direct translation into the clinic. The company was founded by the leaders of the MPI program at the University California, Berkeley and commercial imaging industry. The company has been supported by prominent startup incubators, including StartX, CLSA Fast, and NIH C3i. Magnetic Insight is a privately held company with investors at Sand Hill Angels, CEG Ventures, StartX-Stanford Fund, and SVTech Ventures, and grant funding from the Small Business Innovation Research (SBIR) program of the National Institutes of Health (EB020463).
About 5AM Ventures
Founded in 2002, 5AM actively invests in next-generation life science companies. With over $1.4 billion under management, 5AM has invested in 71 companies including Arvinas, Audentes Therapeutics, Cidara Therapeutics, Crinetics Pharmaceuticals, DVS Sciences (acquired by Fluidigm), Envoy Therapeutics (acquired by Takeda), Flexion Therapeutics, Homology Medicines, Ikaria (acquired by Mallinckrodt), Ilypsa (acquired by Amgen), Incline Therapeutics (acquired by The Medicines Company), Marcadia Biotech (acquired by Roche), Novira Therapeutics (acquired by J&J), Pearl Therapeutics (acquired by AstraZeneca) and Relypsa (acquired by Vifor Pharma). For more information, please visit www.5amventures.com.