Proton therapy tech developer ProTom International said today it raised $30 million in a new round of funding.
The funding round will provide $30 million to the company by the end of June 2017, with $10 million already funded as of March, the company said in a press release.
ProTom produces the Radiance 330 proton therapy system, designed to offer focused proton therapy treatments to cancer patients. The company said that Massachusetts General Hospital is slated to install a Radiance 330 system, which it expects will be operational in late 2017.
“ProTom’s Radiance 33 is a disruptive technology that significantly reduces the cost of proton therapy treatment while improving outcomes and patient quality of life. Since we purchased the company in August 2015, ProTom’s progress has been phenomenal and I thank ProTom’s CEO, Steve Spotts, and his stellar management team for building a world-class company and product line. Our team is grateful for the continued commitment and support of MGH and our outstanding and supportive financial partners,” Michaelson Capital Partners managing partner John Michaelson said in a prepared statement.
“ProTom continues to demonstrate that the Radiance 330 is a next generation solution for advanced proton therapy treatment for cancer patients. We are very excited about the commitment of our partners in Michaelson Capital and the equity investors in our company and the opportunities to provide a cost-effective solution to MGH in our united fight to treat cancer. We look forward to expanding the use of our proprietary technology throughout Asia and the U.S,” ProTom CEO Steve Spotts said in a press release.