Friday, May 23, 2008

HyperMed detects $4M in new first-round tranche

By Mass High Tech

HyperMed Inc. has closed on $4 million in a new wave of Series A financing to market its hyperspectral medical imaging product, OxyVu, the life sciences company reports.

Mass High Tech reported the Burlington-based company’s plans to close the financing in a March 14 story  in which CEO Mark Carbeau describes his commercialization strategy for OxyVu.

GBP Capital, formerly Greenwich Biotech Partners, provided the funds for HyperMed’s latest tranche of Series A financing, and the Connecticut private capital firm also was the sole investor in the company’s $5 million, initial Series A round in 2007.

HyperMed’s lead product, OxyVu, is approved in the United States to assess tissue of patients with diabetic ulcers and peripheral arterial disease, according to the company. The system’s hyperspectral technology includes optics systems and algorithms to detect the amount of oxygen in tissue, and the Department of Defense initially used it for aerial espionage and satellite surveillance.

The medical imaging company was founded in 1999 and employed 24 people as of March 2008.