Perimeter Medical Imaging Closes Oversubscribed $5 Million Series A Financing led by Roadmap Capital
Perimeter Medical Imaging, Inc., a developer of real time imaging systems for in-surgery tissue assessment, is pleased to announce the closing of their $5 million Series A financing. The round was led by Roadmap Capital with participation from EPIC Capital, NorthView Ventures and Pathfinder Asset Management. Funds will support the completion of their current clinical study at Princess Margaret Cancer Centre as well as product development and FDA regulatory clearance for their first tissue imaging product.
Perimeter’s ground-breaking new Optical Tissue Imaging System (OTIS™) is an intraoperative medical imaging tool that provides clinicians with the ability to visualize the entire perimeter of excised tissue during surgery. The OTIS™ system is a platform technology that can be used to image many different tissue types, allowing surgeons to make better real time decisions during surgical procedures. In the case of breast lumpectomy procedures, 25% of patients require a second surgery because of cancer cells left behind. OTIS™ will provide surgeons with the ability to assess whether there are any areas that require additional attention during the initial surgical procedure, reducing the need for unnecessary and costly second surgeries.
Stephen Ireland, Roadmap’s Healthcare Principal commented, “Roadmap’s mandate in its healthcare investments is to invest in proven entrepreneurs who are commercializing innovations that dramatically improve patient care and save time and cost for healthcare providers. Perimeter’s OTIS™ technology has the potential to revolutionize tumour removal surgeries by providing surgeons with the ability to accurately assess the tumour surface for residual cancer tissue during the surgical procedure as opposed to having to wait days for pathology results. This is a quantum leap forward over the current standard of care.”
“As Perimeter continues to grow, it is critical that we surround ourselves with experienced partners who will help us lay the foundation for our future success. The Roadmap team brings valuable expertise and a strong network in the healthcare investment sector. We have been lucky to engage a strong investor base and this partnership has opened many doors for Perimeter, allowing us to accelerate development and commercialization of this important tissue margin assessment solution. I’m very pleased to have Roadmap as our lead investor and a key partner in our business” said Paul Weber, Perimeter’s President and CEO.
About Roadmap Capital
Roadmap Capital is an investment platform that offers unique investment opportunities including (i) innovation funds, (ii) a yield vehicle, and (iii) the ability to co-invest alongside Roadmap’s funds in innovative private companies in technology, healthcare, and other diversified industries. The Roadmap Capital team conducts extensive due diligence with deep domain expertise to select its portfolio companies. The Roadmap Capital platform creates an environment that fosters partnership and value creation between its qualified investors and the entrepreneurs leading its portfolio companies. For more information, please visit: http://roadmapcapitalinc.com/.
About Perimeter Medical Imaging Inc.
Perimeter Medical Imaging develops, patents and commercializes advanced surgical imaging tools that allow surgeons, radiologists and pathologists to better assess microscopic tissue structures during the surgical procedure. Perimeter’s OTIS™ is the only solution that provides clinicians with an ultra-high resolution image of the entire surface of the removed tissue specimen, providing accurate information in real time, enabling better decisions and ultimately reducing the need for follow-on second surgeries. Perimeter is a privately owned Canadian company. For more information, visit www.perimetermed.com.
Paul Weber, President and CEO
Perimeter Medical Imaging Inc.
*CAUTION - OTIS is an investigational device limited by Federal (or United States) law to investigational use.