Daily News: October 23, 2014

Hercules Tech Closes Gamma Medica Growth Capital

Gamma Medica announced a $6.5 million growth capital financing facility from Hercules Technology Growth Capital and $5 million from existing investor Psilos Group.

The new investment will power Gamma Medica’s increased sales and marketing efforts and help grow adoption of Molecular Breast Imaging (MBI) on a global scale.

“Gamma Medica is dedicated to supporting the advancement in early breast cancer detection and treatment through the commercialization of our award-winning LumaGEM MBI system worldwide,” said Jim Calandra, president and CEO, Gamma Medica. “We value our relationship with Psilos Group and Hercules Technology Growth Capital in helping us drive this continued growth and market acceptance,” Calandra added.

Gamma Medica’s flagship product, the FDA-approved, fully digital LumaGEM MBI system, is intended for women with complex breast anatomy, such as dense breast tissue, where screening mammogram and ultrasound miss many early cancers. Molecular Breast Imaging detects lesions as small as five millimeters and has demonstrated sensitivity and specificity equivalent to that of MRI at a fraction of the cost.

LumaGEM MBI is currently in use at premier hospitals and breast centers throughout the U.S. The market-leading technology recently won the 2014 Frost and Sullivan Award for Product Leadership and the 2014 Medical Design Excellence Award.

“We believe Gamma Medica has developed the best cancer detection technology that exists today for women with dense breast tissue, and their success to date in establishing MBI as an important tool in the battle against breast cancer is impressive,” said David Eichler of Psilos. “Psilos’ continued investment reflects our enthusiasm about the market opportunity for molecular breast imaging, and our confidence that Gamma Medica will continue to further LumaGEM’s clinical adoption and technology leadership.”

Gamma Medica is a developer of advanced digital molecular imaging technologies.