In July of this year, Hologic, a global leader in medical device sales and engaged acquirer with a primary focus on women’s health, acquired Endomag for $310 million. Endomag has developed a suite of products to improve breast cancer-related surgical procedures.
The Endomag platform improves surgical outcomes by pinpointing precisely where a tumor is located and guiding providers to remove malignant tissue while avoiding unnecessary cosmetic damage. Their products are now routinely used by over 1,350 hospitals in more than 45 countries, serving over 500,000 women. Endomag is 17 years old and reached a revenue milestone of $35M at the time of acquisition.
It is recommended that all women aged 40 or older get screened for breast cancer annually. Each year, 2 million women are diagnosed with breast cancer and most will undergo some form of surgery. Yet current screening and surgical methods fall short in a number of ways.
The standard method of breast cancer screening is mammography. However, mammography is ineffective in detecting cancer in women with dense breast tissue, who make up over 40% of the population. Mammography is also an uncomfortable process that many women resent and sometimes avoid.
When a woman is diagnosed with breast cancer, mastectomy—removal of all or some breast tissue—is common. Although it is important to excise cancerous tissue, in most cases, the entire breast does not need to be removed. New technology to improve breast cancer screening and breast cancer surgery options are critical to helping women receive the highest quality of care.
Some examples of emerging innovation addressing challenges with current breast cancer screening and surgical methods can be found below:
Breast Cancer Risk Assessment
Gabbi, Series A - A breast cancer risk assessment algorithm that relies on claims data and user provided information (demographics, medical history, family history) to allow patients to take early, preventative action
Breast Cancer Surgery
Innoblative, Series A - Developing SIRA®, a novel breakthrough device targeting the challenges of breast-conserving surgery (BCS). SIRA® uses radiofrequency ablation to clear the post-lumpectomy cavity of leftover, cancerous tissue during breast conserving surgery
Mammography Improvement with AI
Vara, Series A - Vara pre-screens normal mammograms with very high confidence (and pre-fills the structured report) so that screening radiologists can focus their attention on potentially suspicious exams instead
Kheiron Medical Technologies, Series A - Leverages deep learning algorithms to comb through mammography images and provide automated insights that help diagnose breast cancer with higher accuracy
Alternative to Mammography
BlueBox, Seed - Non-invasive urine test to diagnose breast cancer
Front Wave Imaging, Seed - Supercomputing ultrasound technology (USCT) for breast cancer screening that can be used on dense breast tissue
With a growing market and persistent challenges in breast cancer screening and surgery, innovative technologies like those mentioned above will be key to improving patient outcomes. The emerging innovations highlighted in this report demonstrate promising advancements in addressing the limitations of current methods and expanding the range of options available to women worldwide. As breast cancer continues to impact millions of women, it is clear that investment in this space will play a crucial role in shaping the future of care.
