NinePoint Medical looks to have added roughly $31 million in financing to back its medical imaging technology.
According to a regulatory filing, the Bedford, MA-based company has raised about $30.7 million in new venture funding and could add about $10 million more to the pot.
The filing lists three investors: they appear to be founding backers Third Rock Ventures and Prospect Venture Partners, and relative newcomer Corning (NYSE: [[ticker:GLW]]), which began investing in NinePoint when the company raised a $34 million Series B round in March 2014. Members of each of the three firms—Mark Levin (Third Rock), Russell Hirsch (Prospect), and Curt Weinstein (Corning)—are all named in NinePoint’s filing. NinePoint executives didn’t immediately respond to a request for comment on Monday morning.
Prior to this round, NinePoint had already raised about $68 million in equity financing, and added a $15 million loan from Horizon Venture Technology in February. The company also switched CEOs about a year ago. Charles Carignan had been the company’s president and CEO since 2010, but left in July 2014—four months after NinePoint closed its Series B round—to run another Boston-area startup, BionX Medical Technologies (formerly known as iWalk). NinePoint named a successor, Christopher von Jako, in December. Von Jako was previously the president and CEO of Wilmington, MA-based medtech startup NeuroTherm, which St. Jude Medical bought for $200 million last year.
NinePoint was formed in 2010 based around technology licensed from Massachusetts General Hospital. That technology has led to NinePoint’s NvisionVLE system, which is used to look deep into living tissue and see large areas very quickly, allowing them to more efficiently and precisely pinpoint any suspicious areas that should be biopsied.
NinePoint won its first FDA approval for the system in December 2011 and now markets it as a tool that doctors can use to microscopically examine the esophagus as part of a standard endoscopy procedure. NinePoint began selling the product to academic and community hospitals in May 2013. For more on the company, its origins, and the competitive landscape for its technology, check out this piece.
