NovaScan raises funds to develop breast imaging device
NovaScan LLC this week announced that it has raised $285,000 in equity funding from Angel investors, with another $100,000 coming from grants and loans.
NovaScan said that the money is being used to finance the production and testing of a prototype breast cancer imaging device. This device is able to identify tissue types inside the breast based on their electrical properties, and is designed to augment x-ray mammography.
Co-founder and CEO Larry Wells indicated that NovaScan has conducted in vitro measurements on breast tissue acquired from surgical biopsies, lumpectomies and mastectomies. “This has allowed us to catalog the different electrical properties of breast tissues and tumors and the next step is in vivo scanning of patients who are scheduled for a biopsy,” Wells said.
The company’s founder and Chief Scientist William Gregory, PhD, said that the funding will aid NovaScan in evaluating the ability of its “technology to distinguish malignant from benign tumors and lay the ground work for broader clinical trials and regulatory testing.”
NovaScan expects to begin clinical feasibility testing at an area hospital in September which will include up to 50 patients.