Lucerno launches massive PET/CT sensor study

Lucerno Dynamics, a Morrisville company developing noninvasive sensor technology that can show the effectiveness of radiotracer injections in patients undergoing PET/CT scans, has launched a nationwide study to demonstrate the benefits of its system.

The study, called “Lara-Q1,” is to enroll more than 10,000 patients in up to a dozen sites around the country during 2017. A $300,000 Strategic Growth Loan from the North Carolina Biotechnology Center provided funding for the study. Lucerno said it’s the world’s largest quality improvement study ever conducted on the radiotracer injection process.

The company, founded in 2011, was awarded a $47,000 NC IDEA grant in 2012. In early 2014 the Biotech Center awarded Lucerno a $150,000 Small Business Research Loan to help it develop and test its technology.

Lucerno’s next step for commercial device after $6M funder

Lucerno Dynamics – which recently completed its series A equity funding round, raising $6.34 million – has a commercially available device and has launched a new study with it.

The Morrisville-based company’s Class 1 device, the Lara System, is now listed with the U.S. Food and Drug Administration. The device detects and monitors infiltrations of radiotracer injections during PET/CT scans.

Lucerno Dynamics Secures $6.34M to Commercialize First Application of Sensor Technology

Morrisville, NC – October 10, 2016 – Lucerno Dynamics, LLC, a medical device start-up in Morrisville, NC, announces the completion of its series A equity funding round with a total $6.34 million raised.

“We are very pleased with the response to our fundraising campaign,” said Ron Lattanze, Lucerno’s chief executive officer. “This completes our funding initiative. With this investment, we will be able to commercialize our first application of Lucerno sensor technology early next year and it sets us up to explore additional applications of the technology.”

Lucerno’s first commercial application provides quality control and quality assurance for nuclear medicine injections.

The $6.34 million investment includes $1.14 million of convertible debt raised earlier this year and $5.2 million in new funds.

“Once we secured a lead investor, two major investors and other individuals committed funds within three weeks, “Lattanze said. “I was most encouraged by the healthy amount of oversubscription, about $700,000, and that the majority of our note holders added to their investment.”

Durham-based IDEA Fund Partners, a major investor, infused venture capital funds. “We are excited to participate in this round of financing,” said John Cambier, managing partner of IDEA Fund. “After having served as an advisor to Lucerno for the last three years, I have only become more impressed with both the team and the opportunity ahead for the company. They have demonstrated a combination of great drive and ability and the progress they are making in bringing a game-changing technology to the market is undeniable.”

IDEA Fund Partners is a seed and early stage venture capital firm investing in disruptive B2B companies based in the Southeast and Mid-Atlantic regions. The firm manages one of the most active seed and early stage funds in Southeast.

Founded in 2011, Lucerno Dynamics is a Morrisville, NC medical device company that is focused on the development, manufacturing, and marketing of systems to detect and quantify the presence of radiolabeled biomarkers.