RefleXion raises $80 million to expand cancer treatment options
HAYWARD, Calif.–(BUSINESS WIRE)–RefleXion Medical, a therapeutic oncology company pioneering the use of biology-guided radiation therapy (BgRT)* for all stages of cancer, today announced the closing of an $80 million equity financing. In addition to participation from existing RefleXion investors, the company also welcomes investments from Ascension Ventures, Catalio Capital Management, Sixty Degree Capital and Hillenbrand Capital Partners.
“RefleXion’s breakthrough technology has the potential to extend the reach of radiation therapy to late-stage cancers where five-year survival is less than 31%,” said Tara Butler, MD., Senior Managing Director of Ascension Ventures. “We wholeheartedly believe in their goals of improving outcomes for these patients and prioritizing the availability of BgRT in community hospitals, allowing patients to receive their cancer treatment without traveling long distances. ”
Existing RefleXion investors who participated in the round include TPG’s The Rise Fund, KCK Group, PSP Investments, T. Rowe Price, Ally Bridge Partners, Venrock and global pharmaceutical leaders Pfizer Ventures and Johnson & Johnson Innovation, JJDC Inc. .
BgRT is the first and only technology designed to transform an injected radiotracer into a unified motion management solution that overcomes the technical limitations currently limiting the use of radiotherapy to one or two tumors. RefleXion’s BgRT recently received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for use in lung tumors due to its potential to detect and then immediately treat moving targets. The company aims to one day expand BgRT to treat all visible cancer sites to create a new treatment option for patients with metastatic disease.
“The unwavering belief in the vision of RefleXion by our syndicate of investors gives us the track to drive hard and fast towards the development of our platform for indications where radiation therapy was previously considered palliative only,” said Todd Powell, President and CEO of RefleXion. “In just under a year, we have gained experience with image-guided radiotherapy delivering nearly 2,000 patient treatments, successfully completed our feasibility study, secured an additional key radiopharmaceutical agreement and expanded our commercial footprint.”
“These milestones lay the groundwork for our future introduction of biology-guided radiation therapy,” Powell continued.
About RefleXion Medical
Reflection is a private company developing the first biology-guided radiation therapy system, a significant shift in strategy from single tumor therapy to the ability to one day treat multiple tumors during the same treatment session in cancers that have metastasized. Currently, the RefleXion X1 machine is licensed for the administration of Stereotactic Body Radiation Therapy (SBRT), Stereotactic Radiosurgery (SRS), and Intensity Modulated Radiation Therapy (IMRT). The company is also developing BgRT, which integrates Positron Emission Tomography (PET) imaging data to allow tumors to continuously report their location. BgRT technology will synchronize this data with the linear accelerator to direct radiation therapy to tumors with sub-second latency.
*RefleXion® X1 is cleared for SBRT/SRS/IMRT. BgRT is pending regulatory review and is not commercially available.