Confirma Closes $17.5 Million in Series C Venture Capital Financing

Confirma, pioneer and leader in application-specific computer-aided-detection for MRI, recently announced it has raised a $17.5 million Series C round led by Telegraph Hill Partners. Fluke Venture Partners joined the round along with returning investors Northwest Venture Associates, Prism Ventureworks and Versant Ventures. Dr. Tom Raffin and Jeff Calhoun from Telegraph Hill will join Confirma’s Board of Directors as will Denny Weston from Fluke Ventures. The investment will be used to fund the Company’s operations and new product development with continued emphasis on customer satisfaction.

“We are pleased to have the endorsement of our growth plans by Telegraph Hill Partners who have made a significant commitment to Confirma,” said Wayne Wager, president and CEO, Confirma. “With this new funding we will move forward aggressively to deliver innovative products to customers and strengthen corporate operations.”

“Confirma has proven to be the leader in CAD for breast MRI with approximately a thousand systems installed throughout the world, assisting healthcare providers to meet the growing demand for breast MRI,” said Dr. Tom Raffin, Telegraph Hill Partners. “We look forward to working with Confirma as it expands the successful CADstream platform to new applications.”

Confirma develops and markets application-specific CAD systems and accessories for MRI. CADstream is the standard in CAD for MRI, with approximately 1000 installations and thousands of users worldwide. Confirma’s approach to CAD is unique: CADstream is developed with specific tools for each application in order to streamline workflow and standardize study analysis. CADstream automates the analysis and interventional guidance of MRI studies, providing higher quality imaging studies, lower costs for radiology practices and improved communication tools for physicians and patients. In its initial application, CADstream was developed to assist in the analysis, interventional guidance and reporting of breast MRI studies. CADstream can be integrated into any workflow scenario, and is compatible with all MRI scanners and PACS.

Confirma supports professional development in MRI and CAD technology through its extensive medical education program, including a newly launched continuing medical education (CME) program for breast MRI through the International Center for Postgraduate Medical Education (ICPME).

Confirma has established partnerships with companies including GE Healthcare, Philips Medical Systems and Medipattern, Vital Images and Carestream Health. Confirma has partnered with hundreds of imaging centers and corporate partners worldwide since 2003, helping develop more standardized, high performance breast MRI programs that deliver premium patient care. Confirma Europe GmbH opened operations in Berlin to further develop the European market. Frost & Sullivan recognized Confirma with the 2006 Industry Innovation and Advancement Award for the U.S. CAD market.

For more information, please visit www.confirma.com