Covidien Ventures joined superDimension’s existing investors in the round. The company, which is based in Minnesota but is a subsidiary of an Israeli business, has now raised well over $110 million from investors including Pfizer, CIBC World Markets and OrbiMed Advisors.
superDimension makes devices that support electromagnetic navigation bronchoscopy, a minimally invasive procedure that uses GPS technology to perform lung biopsies, helps physicians guide catheters deeper into the lungs and place markers that radiation oncologists can use to target cancerous tissue. superDimension wants to take the place of other traditional bronchoscopy devices and supplant more invasive medical procedures such as wedge thoracotomies.
Bronchoscopy devices overall will be a $50 million market by 2013. About 200,000 people are diagnosed with lung cancer annually. superDimension’s system has been used on about 22,000 patients — a 10 percent increase since April, when the company said it had been used on 20,000 patients.
superDimension would only say this current financing would “further strengthen our commercial infrastructure and sales and marketing team” and declined further comment.
The company closed nearly $25 million in private capital at this time last year, roughly a year after it launched a new version of its lung-lesion detection tool iLogic. This past April, the U.S. Food and Drug Administration approved superDimension’s new marker kit, which helps physicians better target early stage lung cancer with beam radiation.