Endomag

Endomag was founded in 2007 as Endomagnetics Ltd as a University spin-off from University College London and the University of Houston. Helped by initial seed money from UCL Business, Endomag has continued to develop its magnetic sensing technologies to improve minimally invasive procedures for oncologists.{{Citation needed|date=July 2022}}

In June 2014, the company acquired the magnetic hyperthermia assets of the US-based Actium Biosystems.{{cite web | title=Endomag: advancing cancer diagnosis | website=The Manufacturer | url=https://www.themanufacturer.com/articles/endomag-advancing-cancer-diagnosis/ | access-date=27 July 2018}} In 2015, the company moved offices from Cambridge Science Park to its current headquarters at The Jeffrey's Building on the St John's Innovation Park. The office was opened by Lord Sainsbury.{{cite web | title=Lord Sainsbury opens Endomag’s Cambridge headquarters | website=Cambridge Network | url=https://www.cambridgenetwork.co.uk/news/lord-sainsbury-opens-endomag-s-cambridge-headquarters/ | access-date=27 July 2018}}

In July 2018, the company announced a further round of venture capital funding, a Series C for $10m (£8m) led by Draper Esprit, the European arm of Silicon Valley investor, Tim Draper's venture capital business.{{cite web | last=Meddings | first=Sabah | title=Endomag offers new hope for breast cancer surgery patients | website=The Sunday Times | date=22 July 2018 | url=https://www.thetimes.com/business-money/technology/article/endomag-offers-new-hope-for-breast-cancer-surgery-patients-nrnp0jhms | access-date=27 July 2018}}{{cite web | last=Sweeney | first=Kate | title=Endomag takes breast cancer war chest to $22m and excites US market - Technology News - Business news - Cambridge and the East of England | website=Business Weekly | date=27 July 2018 | url=https://www.businessweekly.co.uk/news/biomedtech/endomag-takes-breast-cancer-war-chest-22m-and-excites-us-market | access-date=27 July 2018}}

In April 2024, American medical device manufacturer Hologic agreed to acquire Endomag for $310 million.{{Cite news |last=Kanner-Mascolo |first=Mica |date=30 April 2024 |title=Hologic to acquire UK-based breast cancer tech manufacturer for $310M |url=https://www.wbjournal.com/article/hologic-to-acquire-uk-based-breast-cancer-tech-manufacturer-for-310m |work=Worcester Business Journal}} The acquisition completed in July that year.{{Cite web |url=https://www.massdevice.com/hologic-completes-endomagnetics-acquisition/ |title=Hologic completes Endomagnetics acquisition |date=25 July 2024 |work=Mass Device |last=Kirsh |first=Danielle}}

Endomag's Sentimag probe is a sensitive magnetometer which detects either an implantable magnetic marker, Magseed, or an injectable superparamagnetic iron oxide nanoparticle tracer, branded Magtrace.{{Citation needed|date=July 2022}}

The Magseed marker is placed in a tumor under imaging guidance prior to surgery, and located and removed during surgery. The company's magnetic probe can indicate the distance from the Magseed marker, which helps guide the surgical excision of the cancerous tumor.{{cite web | last=Henriques | first=Carolina | title=Breast Cancer Surgery Marker Magseed Receives CE Mark Approval | website=Breast Cancer News | date=15 September 2017 | url=https://breastcancer-news.com/2017/09/15/breast-cancer-surgery-marker-magseed-endomag-receives-ce-mark-approval/ | access-date=27 July 2018}} The Magtrace liquid marker is injected near the tumor prior to surgery and migrates to the lymph nodes draining the primary tumour, the so-called ‘sentinel’ nodes. These can then be detected and excised during a sentinel lymph node biopsy procedure. The company's products are a radiation-free alternative for breast cancer surgeons.{{cite web | title=Success story: magnetics offer a safer future in cancer care | website=GOV.UK | date=13 July 2015 | url=https://www.gov.uk/government/case-studies/success-story-magnetics-offer-a-safer-future-in-cancer-care | access-date=27 July 2018}}

Endomag's Magseed marker product has received FDA 510(k) clearance for localizing tumors in soft tissue in 2016{{cite web | title=Endomag Magseed Wins FDA Clearance to Localize Tumors in Any Soft Tissue - | website=Medgadget | date=28 February 2018 | url=https://www.medgadget.com/2018/02/endomag-magseed-wins-fda-clearance-to-localize-tumors-in-any-soft-tissue.html | access-date=27 July 2018}} and its Magtrace and Sentimag Magnetic Localization System received FDA premarket approval (PMA) in 2018 to identify and remove sentinel lymph nodes in women undergoing mastectomy for breast cancer.{{cite web | title=FDA Approves Magnetic System for Lymph Node Biopsy During Mastectomy | website=Oncology Nursing News | date=26 July 2018 | url=https://www.oncnursingnews.com/web-exclusives/fda-approves-magnetic-system-for-lymph-node-biopsy-during-mastectomy | access-date=27 July 2018}}

The company has won a number of business, engineering and science awards since its inception. In 2015, the company was shortlisted for the MacRobert Award, a leading UK engineering award.{{cite web | last=Curtis | first=Sohpie | title=Three British companies compete for prestigious engineering prize | website=The Telegraph | date=21 May 2015 | url=https://www.telegraph.co.uk/technology/news/11620191/Three-British-companies-compete-for-prestigious-engineering-prize.html | access-date=27 July 2018}} The following year saw Endomag awarded with an Institute of Physics Commended Innovation award.{{cite web | last=Chapman | first=Jenny | title=Endomag receives high praise | website=Cambridge News | date=20 October 2016 | url=http://www.cambridge-news.co.uk/business/business-news/big-recognition-for-cambridge-company-12053090 | access-date=27 July 2018}}

In 2018, Endomag received a Queen's Awards for Enterprise in the Innovation category.{{cite web | last=Scialom | first=Mike | title=Cambridge region yields nine Queen’s Awards for Enterprise 2018 | website=Cambridge Independent | date=26 April 2018 | url=http://www.cambridgeindependent.co.uk/business/business-news/cambridge-region-yields-nine-queen-s-awards-for-enterprise-2018-1-5494522 | access-date=27 July 2018}}{{cite web | last=Gooding | first=Matt | title=Amazing Cambridgeshire firms celebrate Queen's Award success | website=Cambridge News | date=20 April 2018 | url=https://www.cambridge-news.co.uk/business/business-news/amazing-cambridgeshire-firms-celebrate-queens-14556533 | access-date=27 July 2018}} In July 2018, the company was presented this award by Julie Spence OBE, the current Lord Lieutenant of Cambridgeshire. In October 2018 the company received a Business Innovation Award from the Institute of Physics for its use of magnetism for minimally invasive surgical guidance.{{cite web | last=Physics | first=Institute of | title=Endomag - 2018 winners | website=Institute of Physics - For physics • For physicists • For all | url=http://www.iop.org/activity/business/innovation/2018-winners/page_72051.html | access-date=17 October 2018}}

{{reflist|2}}

• {{Official website|http://www.endomag.com}}

Category:Companies based in Cambridge

Category:Medical technology companies of the United Kingdom

Category:Medical device manufacturers

Category:2024 mergers and acquisitions