Delphinus Medical Technologies is aiming to hit a trifecta of growth for a bio-tech startup this year. The Plymouth-based firm has added a new board member, hired a few new employees and is making preparations to raise more venture capital as it closes in on commercializing its technology.
The Wayne State University spin-out’s principal technology is being branded as SoftVue, a platform that helps detect breast cancer by submerging the patient in a tub so as to get a more complete picture of the breast. Delphinus Medical Technologies refers to it as a "whole breast ultrasound tomography system." The company received its first FDA clearance last December is is aiming to come to market in the first quarter of next year.
"We're in the final stages," says Mark Morsefield, CEO of
Delphinus Medical Technologies.
To help get it there, the company has hired four people over the last year. It now has a staff of 30 employees and five interns. It's currently looking to hire seven more people, primarily technicians and clinical managers.
Delphinus Medical Technologies is also starting to prepare to raise a Series C round of venture capital. The exact amount hasn't been determined but Morsefield did indicate it would be in the millions of dollars. Delphinus Medical Technologies raised $11 million in a Series B last year and $12 million in a Series A round in 2010.
Delphinus Medical Technologies has also added Ronald Ho to its board of advisors. Ho served as president and CEO of U-Systems, developer of the somo•V automated whole breast ultrasound system. U-Systems achieved the first and only FDA approval for a breast ultrasound screening indication and was subsequently acquired by GE Healthcare. Ho will play an active advisory and consulting role in the company.
Source: Mark Morsefield, CEO of Delphinus Medical Technologies
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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