University of Galway spin-out Luminate Medical raises $15m in funding for home cancer treatments

Galway company Luminate Medical has raised $15m in Series-A funding. The medtech firm, which is a University of Galway spin-out, focuses on the delivery of cancer treatment at home, allowing patients to spend less time in clinics.

Luminate, which was founded in 2018, has also developed a series of technologies to prevent side effects of cancer treatments which require in-person monitoring.

The company’s technology also tracks key adverse reactions during treatment.

‘Our mission at Luminate is to deliver every cancer treatment in the patient’s home’

The first products developed by the business include a wearable set of gloves and boots known as Lilac, which are designed to prevent peripheral nerve damage in the hands and feet of cancer patients.

Lily, a cap-like device, is designed to be worn during chemotherapy and helps to prevent hair loss caused by the treatment.

The company is currently working on a new system known as Lotus which could enable at-home administration of low-risk drugs by cancer patients.

The funding round was led by venture capital firm Artis Ventures.

Luminate said the funding will be used to continue the development of the Lotus system, bringing it to its first in-patient trials.

It also plans to complete large-scale trials of its Lily and Lilac products in the US market.

Following these trials, Luminate expects a review of the products by the FDA in the US.

It plans to create 30 new jobs at the company’s Galway base ahead of its US launch next year. The roles are focused on areas such as software development, electronics, mechanical design, R&D and manufacturing.

Luminate also plans to employ clinical researchers to join its remote US workforce.

Luminate makes wearables designed to prevent nerve damage in the hands and feet of cancer patients

First revenues from its side-effect prevention products are expected next year, the company reported.

“Our mission at Luminate is to deliver every cancer treatment in the patient’s home,” said Aaron Hannon, chief executive and co-founder.

“In order to make home delivery possible, we need to build tools to prevent side effects that require in-person monitoring. We also need to monitor urgent adverse events during treatment, and enable patients to complete infusion procedures alone.

“This funding allows us to take the first step of this vision: showing we can prevent important adverse events like neuropathy in large-scale trials and on the market,” he added.

Artis Ventures partner Austin Walne said the team has the potential to “unlock value for private-practice oncologists across the United States, reduce costs to insurers through at-home care delivery, and create a better experience for patients.”

Reporting on:independent.ie