Lumicell closed its equity security offering after increasing its fundraising cap


Change: offered +54% / raised +54% / placed 100%

LumicellLumicell closed its unregistered equity offering after increasing the placement’s size by 54% to $1.56 million. The offer closed after the company raised $550,000 from two additional investors in one month’s time. At the close, a total of seven investors had subscribed to Lumicell’s offering. Up to now Lumicell had raised an estimated $3.91 million in unregistered securities via one financing round. The company has received a Phase II Small Business Innovation Research (SBIR) grant from the National Cancer Institute (NCI).

The company is developing an intraoperative imaging system that gives surgeons real-time visual feedback of residual cancer in the tumor bed while performing the initial surgery. The ability to see and remove all cancer cells during the initial surgery has the potential to significantly improve surgical outcomes and reduce healthcare costs by eliminating the need for repeat surgeries according to the company. Lumicell’s system includes a cancer-targeted injectable imaging agent and a hand-held imaging device with single-cell detection.  Lumicell is initially investigating its imaging system in patients undergoing surgery for breast cancer and sarcomas.

The company, headquartered in Wellesley MA, is led by W. David Lee (President & CEO). Lumicell kept its revenues undisclosed.
The executive team includes W. David Lee and Andrey Zarur. The board of directors includes David Furneaux Ralph Weissleder and Moungi Bawendi.

The company has raised an estimated total of $5.47 million via private unregistered security offerings.

Offering recap
Status: Completed
Company: Lumicell
Industry: Biotechnology
Amount offered: $1.56 million
Amount placed: $1.56 million

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