TLT works on Endomagnetics fundraising
The Bristol office of commercial law firm TLT has advised venture capital firm Sussex Place Ventures on its investment in a £2m equity fundraising for a cancer healthcare company.
Cambridge-based Endomagnetics raised the money to support its pivotal US clinical trial and the launch of a new product in 2015.
The company's SentiMag instrument and Sienna tracing material provide surgeons with a way of locating lymph nodes as part of cancer staging procedures, making them faster, more convenient and cost effective than the traditional techniques.
Chief executive Dr Eric Mayes said: "We are looking forward to bringing this important technology to the 40 per cent of patients in the developed world – and the even greater proportion of patients globally – who cannot currently benefit from SLNB procedures."
The latest financing round was led by Regents Park Partners II and existing investors UCL Business and New Wave Ventures. It takes the total funds raised by Endomagnetics to £7m.
Richard Gourlay, managing partner of Sussex Place Ventures, manager of the Regents Park Partners II fund, added: "Endomagnetics is carving out an impressive position in healthcare solutions. We are delighted to be supporting expansion of the application areas and geographies."
Corporate partner Jon Gill and solicitor James Webb at TLT led the team advising Sussex Place Ventures. The pair also worked with UCL Business and New Wave Ventures.
Gill said: "We are seeing a lot of activity at present from a wide range of investors, particularly in healthcare technology, and this transaction is a good example of our ability to bring together a group of institutional investors to achieve a successful closing."