Irish medical device company Luminate Medical has raised over $5 million in grant financing and a seed round investment to develop medical devices to eliminate the side effects of cancer treatment such as chemotherapy-induced hair loss.
The company is currently developing its flagship product, Lily, a portable head-covering device that prevents the delivery of chemotherapy drugs to the hair follicles in a comfortable and repeatable way.
While the current devices to prevent hair loss use scalp cooling therapy, which requires patients to remain in the clinic for hours after treatment under extremely cold temperatures, the Lily enables patients to purchase and access hair loss treatment directly and will eliminate the requirement for patients to remain in the clinic after chemotherapy treatment.
The funding, which saw the participation of Elkstone Capital, SciFounders, and Lisbon-based Faber, will be used to complete patient clinical trials of Lily in Europe and the U.S. in 2022 and 2023, alongside expanding its R&D team.
Clinical trial sites for the product include the company’s home in Galway. Based on this clinical data, the company will engage with the FDA for product clearance in 2023.
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