10.11.2023 | Marginum News

Marginum raises €1.7 million for market entry of tissue sensing technology for cancer surgery

Figure 1. Marginum team from left to right: CSO Joonas Konki, Chairman Antti-Pekka Elomaa, Scientific Liaison Dmitry Semenov, CTO Juho Leskinen, CEO Samu Lehtonen, Business Director Mikko Hallanoro and Clinical Trial Physician Sami Puustinen.

Marginum aims to improve the outcome and cost-effectiveness of cancer surgery with novel fluorescence-based optical tissue monitoring technology.  The company completed its seed funding round by raising private capital from Almaral, Nostetta Ventures, Redstone and a group of individual investors, coupled with Business Finland R&D loan.

Marginum’s solution empowers surgeons with fast and reliable information about tumour tissues. Accurate identification of tumours and distinguishing them from healthy tissues during cancer surgery is a critical challenge faced by surgeons globally. With an ageing population and the projected 55 % increase in global cancer incidence by 2040, there will be over 20 million cancer patients each year in need of surgery.
The company is dedicated to improving patient safety and surgical performance without compromising the pre-existent workflow. The technology enables surgeons to verify whether or not a resected area included tumour in near real-time. This is expected to translate to more informed and targeted resections; therefore decreasing reoperations and adverse effects.

“Our tissue monitoring solution is the first-of-its-kind objective tumour detection platform. It integrates into current workflows and is unhindered by visual obstructions. The acquired seed funding enables us to finalise the development of our first product and positions the company well for market entry. This is a significant milestone”, says Marginum CEO Samu Lehtonen, medical doctor and engineer.

Data-driven paradigm shift in surgical approach

Marginum’s minimally invasive tissue monitoring technology aims to overcome surgical challenges that may lead to damaging healthy tissues and leaving tumour cells undetected. Incomplete tumour removal, damage to healthy tissues and reoperations all exacerbate patient suffering, long-term complications, and compromised standard of care – and directly escalating healthcare costs.

“We were happy to find investors who shared our vision of the direction medical treatments should evolve; simpler, faster and better”, says Marginum’s chairman of the board Antti-Pekka Elomaa, who is a neurosurgeon and leads the clinical research.

Marginum has started clinical trials in Finland. The device is tested during surgical treatment of gliomas, including the most common malignant primary brain tumours. Meanwhile, the solution is designed to be quickly applicable in other types of oncologic surgeries as well. The solution has been developed in close collaboration with the Kuopio University Hospital, University of Eastern Finland and many international collaborators since its inception. With the current funding round, Marginum aims to acquire CE marking and enter the market at an exceptional speed by industry standards – in 2024.

“We are looking for groundbreaking innovations and the most promising founders to fulfil their vision. Marginum’s progress has been rapid and their team combines excellence in surgical technology and clinical research with an ability to systematically validate and advance the technology. Nostetta Ventures has been excited to support them for the second round in a row”, comments Nostetta Ventures CEO Noora Tuikka

Nostetta Ventures participated with a follow-on investment. Among the investors in Marginum’s second funding round were two other reputable venture capital investors: Redstone and biotechnology‐focused Almaral. 

“Almaral invests in early-stage biotech and life science companies with technologies that can significantly enhance healthcare professionals' ability to deliver services with improved efficiency, quality, or significantly reduced costs, without compromising the quality of care. Marginum enables fundamental changes in the surgical market and contributes to solving a global health issue”, states Dr. Maria Severina, CEO of Almaral.

The €1.0 million private equity was coupled with a €0.7 million Business Finland R&D loan. The funding will be used for further service development and to enable high market penetration.

Additional information:

Samu Lehtonen
CEO, Marginum Ltd
+358 40 579 7890
Marginum Ltd is a medical technology company developing fluorescence-based tissue detection systems. The Company’s data-driven solutions enable safe and efficient monitoring of tumour tissues during cancer surgery without compromising pre-existent surgical workflows. The products are derived from state-of-the-art research to improve surgical performance and cost-effectiveness. Marginum’s multidisciplinary team collaborates closely with academic, clinical and industrial experts to ensure its technological solutions’ seamless clinical compatibility. www.marginum.com

Almaral is a venture capital company that invests in early-stage life science and biotechnology companies. Almaral provides financing and support to companies for expansion and development. The Almaral team also possesses extensive knowledge across various aspects of biotechnology. https://almaral.eu

Nostetta Ventures manages the North Savo Startup Fund, which makes venture capital investments in early-stage growth companies mainly in the North Savo region. Nostetta Ventures enables and accelerates the emergence of international growth companies and creates a positive momentum for the region's economy. 

Redstone is a European venture capital firm following selected investment strategies. Redstone’s focused approach with specialised investment teams for each strategy enables strong sector expertise and network development, supercharging selected portfolio companies. Redstone manages the North Karelia Growth Fund, which is behind in its investment in Marginum. https://www.redstone.vc 

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