OmniGuide has raised $25 million in a fifth round of financing to expand its laser surgery business. The company, based in Cambridge, Mass., makes BeamPath, a flexible optical fiber used to guide CO2 laser beams in surgery.
New investor Psilos Group led the round and was joined by existing investors 3i, Argonaut Ventures, ESI, Gainesborough Investments, Stata Venture Partners and Westbury Partners.
The Beam Path has been used in more than 3,000 surgeries to date. The surgery types include head and neck cancers, airway clearing, and hearing restoration. The alternatives include metal scalpels, which are highly invasive and result in longer recovery times, and other light laser-based techniques. The company has $2 million in revenues last year.
CEO Yoel Fink told VentureWire he expects the company will be profitable in 2009. The company has raised about $75 million to date and has 80 employees. More than 200 hospitals use the system in the U.S. and Europe. The original technology was licensed from MIT.
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