Funding for Endomagnetics Limited

UCL Business PLC, UCL's knowledge transfer and technology commercialisation company, today announced that it has led an initial investment round of £350,000 into a magnetic sensing technology company, Endomagnetics. Co-investors in the investment round were the Combined London Colleges University Challenge Seed Fund (CLCUC), Bloomsbury Bioseed Fund (BBSF), together with the founders and their friends and families. Endomagnetics is a spinout company which is commercialising magnetic sensing technology arising from research within the London Centre for Nanotechnology at UCL and the Texas Centre for Superconductivity at the University of Houston. The company's first product is a medical device for use in the treatment of breast cancer. Globally, 1.25 million new cases of breast cancer are diagnosed each year, whilst lifestyle changes and the availability of healthcare mean that this figure is increasing by around 20,000 cases year on year, in both the developed and the developing world. In practically all of these cases, surgery is required to remove the tumour. During the surgical procedure it is desirable to excise the sentinel lymph nodes and inspect them microscopically to determine whether the cancer has spread from the tumour to other sites in the body.