Dune Medical Devices has announced it completed the first of a two-stage $21 million equity financing.

The initial closing was completed for $14 million. A second tranche of $7 million is expected be completed by October 2014.

Dune Medical Devices, with offices in Westborough, Mass., and Israel, develops and commercializes intraoperative, real-time, cancer detection devices, including the MarginProbe System.

Investors are both previous and new investors. They include the Kraft Group and Canepa Advanced Healthcare Fund.

Dune Medical indicated the financing will go toward expanding the sales and marketing efforts for the MarginProbe System.