DOBI Medical to Raise $12 Million in Financing Round

Sterling Financial Investment Group Inc. (Boca Raton, FL) will assist privately-held DOBI Medical Systems, a company developing optical imaging systems for the medical industry, in raising up to $12 million in private equity.

Last year, DOBI earned $2.5 million in equity capital from private investors and Lake Worth Ventures (West Palm Beach, FL). Phillip Thomas, CEO of DOBI Medical, said the new funding would be used to further the engineering, design, and clinical testing of the Dynamic Optical Breast Imaging (DOBI) system, the company's breast cancer diagnosis system to be used as an adjunct to mammography. The system provides a digital, non-invasive, pain free test that takes less than 10 minutes to complete.

The system recently commenced clinical tests as an investigational device at Hackensack University Medical Center and a number of other sites across the nation, including Massachusetts General Hospital in Boston, and Columbia Presbyterian Medical Center in New York City. Earlier clinical testing was conducted in Swansea, Wales and at the Russian National Center for Surgery in Moscow, Russia.

Edited by Kristin Keiser