Milwaukee-based Novascan Inc. is raising $1 million to $2 million fund continued development of its cancer detection device.
The company, which was founded in 2001 and recently transitioned from an LLC to a C corporation, is raising the funds as an extension of an LLC round for which it has already raised $2.5 million, said Craig Davis, chief executive officer. Novascan plans to raise the remainder of the funds over the next several months.
“We’re using the funds to complete a product under design controls…and commence a pivotal trial,” Davis said.
“We have a device that detects cancer electrically,” said William Gregory, founder and chief scientific officer. “It’s rapid, it’s inexpensive, it’s very accurate.” Read the full story here.