Adaptiiv Medical Technologies filed an amendment to its SEC Form D to confirm the sale of nearly $1.8 million in an equity offering.
The Halifax, Nova Scotia-based cancer treatment software developer sold about $1.79 million in the $3 million offering, leaving just over $1.2 million remaining to be sold. Adaptiiv made the first sale on June 21, 2019, and does not intend for the offering to last more than one year.
In total, 20 outside investors contributed to the offering, which has an estimated $225,000 finder’s fee that is slated to go to Alexander Capital L.P. The amendment states that Alexander Capital is set to receive 7.5% of gross proceeds from subscribers who are introduced by the finder to the issuer.
Adaptiiv did not disclose an intended use for the proceeds generated from the offering. The company is developing software to convert cancer patient CT scan data into a digital model that can be used to print a bolus that conforms to patient anatomy. The structure is then exported as an STL file that can be printed in a matter of hours on a healthcare facility’s existing 3D printer or on a printer provided by the company.
The software can be used for uniform thickness boluses, modulated boluses for modulated electron radiation therapy (MERT), high-dose-rate (HDR) surface brachytherapy and other potential ancillary devices. The boluses are printed using durable, tissue-equivalent materials designed to hold their shape and not degrade during treatments.
Adaptiiv is the first company in the world to receive FDA 510k clearance for 3D printing software used in radiation oncology.