Israeli cancer diagnostic company MobileODT(formerly MobileOCT) has completed a $6.85 financing round led by the OrbiMed Advisors LLC venture capital fund, with participation from previous investor Tristel. MobileODT has now raised $13 million since it was founded. The company has developed a medical device that detects cervical cancer. The product is already being sold in the US; the purpose of the financing round is to expand the company's business, which began only recently.
EVA, MobileODT's device, is portable and inexpensive. It makes its diagnosis using powerful light from the device and from a smart information analysis system that is able to analyze the image created.
Today, the accepted screening for the cervix is the pap smear, in which a sample of cells is scraped from the cervix and examined under a microscope. This test, however, is not regarded as especially accurate, and is also not accessible to women in developing countries.
When a positive result is obtained from a pap smear, a colposcopy is conducted - a cervical imaging test. The EVA is in effect a cheap portable colposcopy device that can be used in countries in which there is still no routine testing at all for cervical cancer. The company's products are sold in both developing countries and the US. MobileODT is developing additional products for making medical testing available to larger markets.
Published by Globes [online], Israel Business News - www.globes-online.com - on July 4, 2017
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