Ithera Medical secures €13 million in a Series D financing round. The medtech company operates in the field of optoacoustic imaging for medical diagnostics and has developed laser-based "MSOT" (Multispectral Optoacoustic Tomography) technology for the detection of various clinical pictures such as cancer or fibrosis. Bayern Kapital is once again participating in the Series D with funds from the Bavarian Growth Fund. Other investors in the financing round, totaling €13 million, include Trumpf Venture as lead investor, the European Commission's European Innovation Council Fund, and existing investors Mey Capital Matrix, BayBG, Fluxunit, Falk Strascheg Holding, and Occident Group.
Advance development for routine clinical use
Ithera Medical was spun off from the Helmholtz Zentrum München in 2010 with the goal of commercializing research results in the field of innovative medical imaging techniques. Itheras MSOT technology uses the photoacoustic effect – the conversion of light energy into sound waves – to characterize and differentiate different tissue types in the body and convert them into 3D images. Unlike established imaging techniques, it enables anatomical, functional, and molecular tissue information to be displayed in high resolution at a depth of several centimeters. This should enable physicians to make early, non-invasive, and real-time diagnoses – for example, in vascular, fibrotic, or tumor diseases. MSOT has demonstrated its potential clinical value in studies and is currently being used in clinical research.
With the new funding, the company aims to advance the transition of MSOT from research to routine clinical application. To this end, Ithera Medical is developing an MSOT device optimized for routine clinical use, seeking regulatory approval for use in Europe and the US (CE and FDA approval), and expanding the clinical evidence from previous studies.
Christian Wiest, CEO and co-founder of Ithera Medical, says:
"This funding round is the next important step in transforming our MSOT technology from a research tool to a diagnostic tool in the clinical setting, which we believe will be a critical benefit to millions of patients around the world. The support of our investors—both new and existing—will enable us to realize this vision."
Minimize risks for patients
Ulrich Kruse, Investment Manager at Trumpf Venture, comments:
"Ithera Medical's technology is poised to deliver the next breakthrough in medical imaging. As a company with roots in photonics and medical technology, we are excited to support the continued development of MSOT and anticipate a successful market launch in medical imaging."
And George Ried, Managing Director of Bayern Kapital, says:
"MSOT addresses some critical limitations of today's non-invasive in-vivo imaging technologies, combining the ease of use and depth of penetration of conventional handheld ultrasound systems with unprecedented high-resolution optical information down to the molecular level. This minimizes risks for patients and reduces the financial burden in several areas of healthcare systems worldwide. We are therefore very pleased to continue on this joint path in the future."
