Magnetic Insight Raises $17M Series B to Expand Magnetic Particle Imaging and Monitoring Technology into Clinical Applications
First-of-its-kind Magnetic Particle Imaging technology application to enable real-time monitoring of treatment efficacy, better and earlier clinical decisions
ALAMEDA, Calif., June 23, 2022 /PRNewswire/ -- Imaging diagnostics company Magnetic Insight today announced $17 million in Series B funding led by Celesta Capital, with participation from Alumni Ventures Group, Gaingels, and others, along with existing investors 5AM Ventures and Sand Hill Angels. The funding will support Magnetic Insight's continued growth and expansion of its innovative Magnetic Particle Imaging (MPI) technology into clinical applications.
MPI is an emerging clinical imaging modality that allows clinicians to directly monitor a cancer patient's cell therapy location, migration, persistence, and quantity to inform clinical decision making. By directly imaging cell therapy in each patient, MPI captures cellular-level information unavailable from conventional imaging modalities, including CT, MRI, or nuclear medicine. This new information lets MPI offer what no other imaging modality can: the ability to monitor a costly cell therapy directly and inform physicians on the best clinical management.
Magnetic Insight's goal is to offer clinicians a method to directly monitor cell therapy, enabling better and earlier clnical decisions, and optimal clinical outcomes. Their initial clinical application will focus on using MPI technology to monitor cell therapy (e.g., CAR-T, NK) in cancer patients. Cell therapy has fundamentally changed the cancer treatment landscape, showing impressive results in blood cancers such as leukemia and lymphoma. Unfortunately, the solid tumor landscape has proven more challenging due to an immunosuppressive tumor microenvironment that frequently excludes or inhibits cell therapy. Currently, there is no direct imaging method to monitor cell therapy localization in solid tumors to predict and monitor treatment responses.
"Bringing MPI to the clinic is where we will get to see this phenomenal technology flourish and directly impact patient outcomes," said Patrick Goodwill, CEO, CTO, and Co-founder of Magnetic Insight. "The targeted and high contrast images from MPI will enable clinicians to see where cell therapies are falling short in the treatment of solid tumors and to adjust treatment regimens accordingly."
"Dr. Patrick Goodwill's breakthrough in X-Space Magnetic Particle Imaging has the potential to revolutionize the rapidly-advancing field of biomedical diagnostic imaging," said Steven Conolly, PhD, Co-founder of Magnetic Insight, the Cook Professor of Bioengineering, and a Professor of Electrical Engineering & Computer Sciences at UC Berkeley. "We are continuing to collaborate on advanced applications like CAR-T cell monitoring with MPI as well as new high-resolution MPI tracers, all of which represent exciting steps as Magnetic Insight's technology moves into the clinical realm."
Magnetic Insight's clinical suite will include the clinical Momentum Imager and reagents optimized for visualizing cell therapy.
"We are delighted to support Magnetic Insight in advancing this new imaging modality that has great potential to improve patient care," said Nicholas Brathwaite, Founding Managing Partner at Celesta Capital. "At Celesta, we relish opportunities to support the advancement of generational technologies offering positive human impact. Beyond capital alone, we will also offer every resource at our disposal – intellectual capital, advisory, network access – to support the Magnetic Insight team and help ensure their long-term success."
Magnetic Insight has validated its MPI technology by developing a preclinical product suite. The suite includes the Momentum CT MPI imager, VivoTrax and VivoTrax+ reagents, Relax MPI relaxometry software, and MagImage imaging analysis software. Multiple internationally renowned academic medical centers are utilizing Magnetic Insight products including Stanford Medicine, Michigan State University, University of Florida, Robarts Research Institute, Wenzhou Medical University, Karolinska Institute, University of New South Wales, Johns Hopkins University, and others.
About Magnetic Insight
Magnetic Insight has pioneered magnetic particle imaging (MPI), a new diagnostic and monitoring technology that transforms medical imaging. MPI provides unique information not available from current structural and metabolic imaging captured by CT, MRI, and nuclear medicine. MPI offers what no other modality can: the ability to directly monitor costly cell therapy cancer treatments to inform clinical decision making. Having started in the preclinical space by selling small animal products to leading universities worldwide, Magnetic Insight is now scaling up MPI technology for clinical use. Learn more at magneticinsight.com.
View original content:https://www.prnewswire.com/news-releases/magnetic-insight-raises-17m-series-b-to-expand-magnetic-particle-imaging-and-monitoring-technology-into-clinical-applications-301573959.html
SOURCE Magnetic Insight