Avelas Receives $7.65M in Series A FundingMonday, December 10, 2012
Avelas Biosciences Inc., a San Diego-based developer of cancer diagnostic devices, has completed a $7.65 million Series A round of financing from La Jolla-based Avalon Ventures.
The company will use the funding to begin using its cancer illuminator device in clinical studies. The product allows physicians to visualize cancerous lymph nodes in breast cancer patients.
“The medical community is under immense pressure to reduce costs and improve patient outcomes,” said Avelas CEO Jay Lichter in a statement. “With high surgical procedure costs and operating room costs coming in over $60 per minute, it is clear that advances that reduce a patient’s time in the OR are needed.
“A technology like ACI has the potential to accelerate the procedure for breast cancer surgery and reduce the number of times a patient is required to return to surgery to remove additional lymph nodes.”
— SDBJ Staff Report