NovaScan, an emerging oncology company based in Chicago and Milwaukee, has announced that it has completed a $3MM financing.
The convertible note financing was originally targeted for $2MM, but demand exceeded that amount and the company opportunistically added another note for $1MM. The second note was fully subscribed in late 2020.
Investors in the notes include GPG Ventures, Harvard Business School Angels, BioPacific Investors, Stateline Angels and others. Dan Parsley, managing partner with GPG Ventures, is now an observer on NovaScan’s Board of Directors.
“We were quite pleased by the positive response to our offering” offered NovaScan CEO Craig Davis. “We see it as testament to the opportunities in front of us. The company is growing rapidly. Our data is exceptional and we’re excited to be moving in positive directions in skin cancer and other areas with our strategic partners.”
“Real time detection is among the highest priorities in cancer detection and progression monitoring.” noted Dan Parsley. “NovaScan’s technology demonstrates this capability with skin cancers, breast cancers and others at a very high level of sensitivity and specificity. In addition, they may be able to predict the likelihood and severity of recurrence. If so, targeted, personalized cancer treatment can be realized.”
Davis added “NovaScan is delighted to have Dan Parsley as a board observer. He’s a smart, networked investor who makes meaningful contributions. He’s been quite helpful to date and we expect that to continue.”
NovaScan has developed a platform technology for point of care cancer detection and stratification. The company has found that one electrical parameter, the Cole Relaxation Frequency, a parameter that relates to how rapidly a cell releases charge, increases several orders of magnitude as cancer develops and advances. The company has multiple promising initiatives in place in several areas of medicine.