Avantis Medical Systems, Inc. announced today that it has raised U.S. $12 million in its series B round of financing. Avantis is developing the Third Eye Retroscope, a new device for detection of colon cancers and polyps that are hidden from the view of a standard colonoscope.
The series B financing will be used to fund development and
commercialization of the Third Eye Retroscope in the United States, including ramping up manufacturing and distribution.
The round was led by Montreux Equity Partners and joined by existing investors.
The Third Eye Retroscope is passed through the instrument channel of a standard colonoscope until it extends beyond its tip. As it emerges, the device automatically turns around 180 degrees to aim "backward" toward the tip of the colonoscope. Then, as the colonoscope is withdrawn from the colon, the device provides a continuous retrograde view to reveal polyps, cancers and other lesions that might be hidden from the view of a standard colonoscope.
Colonoscopy is widely regarded as the benchmark for detection of abnormalities in the colon. However, research has revealed that many polyps and cancers can be missed during colonoscopy, especially if they lie behind folds in the colon wall. This new device reveals the opposite side of those folds.
According to the company, a laboratory bench study found that use of the Third Eye Retroscope resulted in a dramatic improvement in the ability of endoscopists to detect simulated polyps in anatomical models. A first human use study is currently in progress and a larger study will launch in Q1 2007.
The Third Eye Retroscope has not yet been submitted for domestic (FDA) or international regulatory clearance and thus is not available for sale.
to Daily News