Selections Follow Unprecented Series C Round
PLYMOUTH TOWNSHIP, Mich.–(BUSINESS WIRE)–Delphinus
Medical Technologies, Inc., the leader in advanced breast ultrasound
technology, announced today that it has added two new senior-level
advisors to its Board of Directors. With more than 35 years of combined
experience with emerging healthcare innovators, John Neis and Michael
Fulton, M.D., will help guide the company as it develops
commercialization plans for SoftVue™,
Delphinus’ breakthrough whole breast ultrasound system that allows
physicians to image the entire breast for diagnostic imaging purposes.
The appointments cap off Delphinus’ Series C venture round, which
garnered more than $39 million. This unprecedented venture capital
funding is the single largest amount ever raised for a healthcare
imaging company in the Midwest, as well as the largest for a medical
device company in Michigan.
“We are extremely fortunate to be able to add John and Mike to our
already-prestigious board,” said Mark J. Forchette, president and CEO of
Delphinus. “Their experiences guiding medical device companies to
success will be invaluable as we introduce SoftVue.”
Neis is a managing director at Venture
Investors LLC, which focuses on opportunities emerging from leading
research universities in the Midwest. He currently serves on the boards
of several other healthcare companies, and he is a member of the board
of the Wisconsin Technology Council, the science and technology advisor
to the state’s governor and legislature. He also serves on the Dean’s
Advisory Board and the Weinert Applied Ventures Program Advisory Board
in the School of Business and chairs the Tandem Press Advisory Board in
the School of Education at the University of Wisconsin – Madison. Neis,
a chartered financial analyst, received a Bachelor of Science degree in
finance from the University of Utah, and a Master of Science degree in
marketing and finance from the University of Wisconsin – Madison.
“I am very pleased to join the Delphinus board to work together to bring
this life saving technology to the market,” Neis said. “Delphinus and
its SoftVue technology address a significant need in the breast cancer
diagnostic continuum, especially for women who have dense breast tissue.”
Fulton, a managing director at Hopen
Life Science Ventures, has spent his entire career in the life
sciences space, including 18 years as a successful investor and
entrepreneur. Prior to joining Hopen, he served in the roles of founder,
director, and CEO at a number of healthcare companies, including Lanx,
Inc., (purchased by Biomet), and ProNerve, LLC (purchased by a private
equity firm). Fulton is an inventor of multiple medical devices, and
holds more than 50 U.S. and international patents. He received his
Bachelor of Arts degree from Northwestern University, his medical degree
from Cornell University Medical College, and completed two years of
neurosurgery residency at the Cleveland Clinic.
“SoftVue represents a breakthrough technology designed to provide tissue
characterization based on the capture of transmission signals only
possible due to its unparalleled ring transducer design,” Fulton added.
“We anticipate this will both increase breast cancer detection and
reduce false positives, particularly for women with dense breasts. I am
pleased to join this talented team.”
As an ultrasound technology, SoftVue offers the potential to not only
assist physicians in finding more cancers, but also to reduce the false
positive rates that have troubled other breast imaging techniques.
SoftVue’s unparalleled, sophisticated design incorporates a circular
ultrasound transducer, unique to medical imaging, presenting
cross-sectional ultrasound slices through the entire volume of breast
tissue. The multi-dimensional imaging captures not only reflected echoes
in a 360-degree array, but also signals passing through the breast,
depicting tissue characterization.
About Delphinus Medical Technologies, Inc.
Headquartered in Plymouth, Mich. with a satellite office in Sunnyvale,
Calif., Delphinus Medical Technologies, Inc. is a pioneering medical
imaging company that has developed SoftVue™, the first circular array
transducer technology that has received sequential U.S. Food and Drug
Administration clearances. The patented technology is a whole breast
ultrasound imaging device that delivers no radiation, requires no
compression, and images the entire breast with a single scan. SoftVue is
indicated for use as a B-mode ultrasonic imaging system and is not
intended to be used as a replacement for screening mammography.
Delphinus was founded as a spin out of the Karmanos Cancer Institute in
Detroit and is capitalized through principal investments by Arboretum
Ventures, Ann Arbor, Mich., Beringea, Farmington Hills, Mich., North
Coast Technology Investors, Ann Arbor, Mich., Venture Investors,
Madison, Wis., Hopen Life Science Ventures, Grand Rapids, Mich., and
Waycross Ventures, Menlo Park, Calif. For more information, visit www.delphinusmt.com.
About Venture Investors
Venture Investors was founded in 1982 and is a leading seed and early
stage venture capital firm in the Midwest. It is principally focused on
healthcare and technology opportunities emerging from the ecosystems
around leading Midwestern research universities, with offices in
Madison, Wisconsin and Ann Arbor, Michigan near two of the top five
research universities in the nation. The partners at Venture Investors
have worked together for over two decades, bringing a long history of
investment success, a global network of co-investors and patient capital
to its portfolio companies. The firm is currently investing out of its
fifth fund and has over $200 million under management. For more
information, please visit www.ventureinvestors.com.
About Hopen Life Science Ventures
Hopen Life Science Ventures is a Midwest-based venture capital firm that
invests in exceptional early- to mid-stage life science opportunities.
With offices in Michigan and Ohio, the Firm is very active in the
Midwest, a geographic region steeped in life science innovation, but
traditionally underserved with capital. The Hopen team includes
investment professionals with extensive prior experience launching and
ramping private and public life science companies. Hopen is actively
making new investments via Hopen Life Science Fund II. For additional
information on Hopen Life Science Ventures, visit www.hopenls.com.
Nobles Global Communications
Diana Soltez, 818-618-5634