Navigation Sciences announced today that it closed the initial $3 million tranche of a $5 million Series B financing round.
Brookline, Massachusetts-based Navigation Sciences develops the NaviSci system for use in precision surgery for early-stage lung cancer. The company designed the system to provide surgeons with real-time “GPS” guidance during minimally invasive surgery. It enables them to determine real-time margin measurement, reduce local risk and minimize the removal of lung tissue. This, in turn, preserves lung function.
The system integrates advanced software with surgical instruments to guide precise surgical resection. It enables real-time, in vivo margin measurement. Navigation Sciences aims to improve surgical oncology outcomes with cutting-edge technologies. The company seeks to reduce recurrence risk, conserve lung function, shorten hospital length of stay and enhance the surgical workflow.
Navigation Sciences licensed its technology exclusively from the Brigham and Women’s Hospital in Boston. The company converted the initial $3 million raised — which included equity and promissory notes — into equity at close.
“The initial tranche, which includes new and existing investors, reflects confidence in the significant progress we have made and increasing evidence of the opportunity to transform early-stage lung and other soft tissue cancer surgeries with the NaviSci System,” said Alan Lucas, CEO of Navigation Sciences. “Over the past 18 months, we have completed a successful clinical trial with the NaviSci System, better define the regulatory path through a presubmission meeting with the FDA, strengthened our intellectual property position, and completed initial development of the NaviSci EndoMarker funded by the National Cancer Institute (NCI) to enable tumor localization via bronchoscopy.
“The Series B funding will support us to the next critical milestone and FDA submission.” MassDevice