Endomagnetics Appoints New CEO

Medical Device company Endomagnetics has announced the appointment of Dr Eric Mayes as CEO and has also raised £770,000 from a syndicate led by UCL Business plc and Sussex Place ventures. A previous seed round of £350,000 was secured in June 2009. A recent spin-out from University College London, the company has developed technology using magnetic tracers and a sensing device to track the spread of breast cancer.

“The SentiMag solution allows surgeons in many more countries and in a wider range of hospitals to perform sentinel lymph node biopsy, bringing the potential benefits of selective breast cancer surgery to many more women and cost savings to hospitals,” said Dr Mayes. “ The investment syndicate are delighted to have an individual of Eric’s calibre leading the Endomagnetics team and we look forward to Eric piloting the company through upcoming technical, regulatory and business development challenges, as Endomagnetics seeks to establish itself as a leading player in oncology markets,” added Steven Schooling from UCL Business plc.