More than 20 investors have contributed to the $26.5 million equity offering, the Wellesley, Mass.-based company reported, including one investor outside of the U.S.
In September, the company announced that it plans to study its Lum image-guided cancer surgery system in clinical studies for breast cancer and prostate cancer.
The breast cancer trial is a pivotal study following an initial training period with surgeons, Lumicell reported, and the prostate cancer study is a first for Lumicell and its technology.
The Lum system has a drug, device and decision software component that work together, in real-time, to guide cancer surgeons in the detection and removal of cancer cells during surgery. With the start of these two trials, the Lum system is being assessed in five solid tumor indications.
The breast cancer and prostate cancer trials are supported by clinical feasbility data that the company touted earlier last year, showing that the Lum system achieved 100% detection of residual cancer. Lumicell is expecting to report additional clinical data in breast cancer later this year, the company said.