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MedTech Outlook | Wednesday, April 22, 2020
RefleXion Medical, a Hayward, CA-based therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT) for all stages of cancer, raised $100 million of Equity Funding
Fremont, CA: RefleXion Medical, a Hayward, CA-based therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT) for all stages of cancer, raised $100 million of Equity Funding. The financing round was co-led by Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investment managers that focus on long-term investments with partners demonstrating healthy value orientation strategies.
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"RefleXion's bold vision for the future of cancer care stands to completely reshape how physicians think about treating patients with stage 4 cancer," said Loïc JulÃ, managing director, Global Investment Partnerships Portfolio, PSP Investments." This is precisely the mindset of companies we strive to build long-term relationships with. We are thrilled to support RefleXion during this next phase of their growth as they ramp up market and the clinical adoption of this groundbreaking technology."
[vendor_logo_first]RefleXion's existing investors including Venrock, T. Rowe Price, TPG's The Rise Fund, KCK Group, Sofinnova Partners, and global pharmaceutical leaders, Pfizer Ventures and Johnson & Johnson Innovation, JJDC have participated in the round. BofA Securities and Morgan Stanley & Co. have acted as placement agents for the company.
"This new influx of capital continues our momentum initiated first by FDA clearance of the RefleXion X1 platform last month, then quickly followed by the close of our first system order at one of the world's leading cancer centers," said Todd Powell, president and CEO of RefleXion. "The support of this top-tier investment syndicate enables us to scale operations further around commercializing the X1 platform. Moreover, these funds allow us to validate the practical implications of using BgRT daily as we transform radiotherapy from early-stage cancer treatment to an option for patients with all stages of cancer," continued Powell.
The RefleXion X1 machine with BgRT is designed to eliminate the technical constraints that currently restrict radiotherapy to one or two tumors. When available, RefleXion will scale BgRT to treat all visible tumors, even those that move at a rapid pace due to bodily functions such as breathing or digestion in the same treatment session.
RefleXion recently announced FDA clearance for stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity-modulated radiotherapy (IMRT), and its first clinical and commercial client.
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