Avantis Medical Systems, Inc., a Sunnyvale, CA-based visualization technology company focused on delivering solutions for the improved detection and prevention of cancer in the gastrointestinal (GI) tract, has received a $3m senior secured term loan from Oxford Finance LLC.
The company is using the proceeds of the loan for working capital and for the ongoing launch of its FDA-cleared product, Third Eye® Retroscope®, an FDA-cleared, disposable, catheter-based camera indicated for use with a standard colonoscope to provide an additional view of the colon for diagnostic purposes.
According to Avantis Medical Systems’ chief medical officer, Jack Higgins, MD, the product has been shown in clinical studies to help physicians find up to 23-25% more adenomas than a standard colonoscope alone and over 40% additional adenomas in higher risk patients.
The company is led by chairman and CEO Rick Randall.
FinSMEs
09/11/2011