DermaSensor, a company known for its skin cancer detection devices, has confirmed through an SEC Form D filing, the successful sale of nearly $9 million in equity. The filing, dated December 4, indicates that the initial sale took place on November 15. To date, the company has amassed just over $8.9 million of its $17 million target.
The offering attracted 41 investors, each contributing a minimum of $4,200. Notably, this fundraising effort is not related to any merger, acquisition, or exchange offer. The Miami-based company has yet to disclose how it plans to use the funds.
DermaSensor is recognized for developing a portable device that employs a form of optical spectroscopy called ESS. This technology non-invasively collects tissue samples at a cellular level by utilizing numerous light wavelengths, akin to sonar’s use of sound.
The primary aim of DermaSensor’s technology is to enhance the partnership between primary care and dermatology. This facilitates better referral prioritization and ensures more patients with skin cancer receive necessary attention.
The device allows physicians to utilize AI-driven spectroscopy to evaluate skin lesions without invasive measures. It assesses both cellular and subcellular properties of potential cancer lesions. The wireless device provides instant and objective outcomes using an FDA-approved algorithm.
In January, the FDA approved the DermaSensor system—a real-time, AI-powered, non-invasive evaluation tool for skin cancer. A pivotal study involving over 1,000 patients demonstrated a 96% sensitivity rate across 224 diagnosed skin cancer cases.