Egg Medical Inc. announced Thursday it raised $13 million to commercialize its medical device which protects staff in X-ray labs from radiation exposure.
The device, called the EggNest, reduces scatter radiation by over 90% by replacing the patient mattress with a carbon fiber platform. Scatter radiation occurs when the X-ray beam is reflected off the patients body, therefore risking physicians and staff working on procedures such as angioplasty and stenting.
Munich, Germany-based TVM Capital Life Science led the round.
Arden Hills-based Egg Medical said in a statement it will also use the funds to expand the company's offerings and address unmet needs for healthcare professionals at risk of radiation-related illness.
"Almost everyone in the interventional cardiology and radiology profession knows someone with a radiation related illness," said Egg Medical CEO Dr. Robert Wilson. "There have been minimal improvements in X-ray shielding over the past 30 years, leaving the medical teams working in these environments exposed to scatter radiation every day."
TVM Capital Life Science's Managing Partner Dr. Luc Marengère and General Partner Dr. Sascha Berger are joining Egg Medical's board of directors.
TVM Capital Life Science's investments focus on life science innovation. The firm has made over 130 investments, including over 45 initial public offerings.
