TransScan medical announces initial closing of $2.5 million.(TransScan Medical Ltd.)(cancer research financing)

2002 DEC 12 - (NewsRx.com & NewsRx.net) -- TransScan Medical Ltd., developer and manufacturer of Electrical Impedance Scanning (EIS)-based systems for cancer detection, announced that it has closed on the first $2.5 million of a potential $8 million preferred financing round.

Investors included Denali Ventures of Israel, an existing investor, and David Steiner. The initial closing was a combination of new funding and conversion of existing debt. Although the valuation of the transaction was not disclosed, it reflected current market conditions. This financing will be used to complete clinical studies and prepare for product launch of its second-generation product, the T-Scan2000 ED, a device for early detection of breast cancer in young women.

TransScan received premarket approval (PMA) from the Food and Drug Administration (FDA) to market its first-generation T-Scan 2000 system as an adjunct to mammography in April 1999.

Currently, TransScan Medical is dedicating significant resources to the clinical evaluation of its next-generation early detection device - T-Scan 2000 ED - specifically designed to locate small breast cancers in young women 20-40 years of age. To date, $26 million has gone into the research and development of TransScan's technology: $20 million from venture funding and an additional $6 million from scientific and government grants.

In America, nearly 40 million women are below the recommended age for screening mammography, and therefore have no adequate means of breast cancer ...