Bioelectric device developer NeoTherma Oncology said last week it raised $6 million in a Series A round of financing which is slated to support testing of the company’s devices.
Funding was co-led by current investor Gary Barnett and joined by investment groups Flor-Med Partners, R&K Edwards Investments and others, the company said.
NeoTherma is developing the VectRx thermal oncology treatment platform designed for treating pancreatic cancer, the Wichita, Kan.-based company said. The device has already won a breakthrough therapy designation from the FDA.
“This investment provides us the ability to realize a dream – completing and qualifying the VectRx medical device to begin clinical studies in patients with pancreatic cancer, demonstrating the benefits of NTO’s adjuvant thermal oncology therapy. We are grateful both that our current investors have confirmed their confidence in the value of the technology and our ability to commercialize it, as well as that our savvy new investors also recognize its transformative benefit to the cancer treatment market. We are excited to move forward with these partners as we seek to demonstrate the safety and efficacy for patient care together with a strong ROI for our investors,” CEO Mike Wandell said in a prepared statement.
“R & K Edwards Investments, LLC is very excited about the unique, innovative cancer treatment technology developed by NeoTherma Oncology and the management team led by Dr. Michael Wandell. NTO has quickly established undeniable credibility as they have developed their cutting-edge technology, evidenced by FDA’s breakthrough therapy designation, and the endorsements of expert clinicians we interviewed during the diligence process. We look forward to supporting and sharing in the success of NTO as it progresses to commercialization,” R&K Edwards managing member Ron Edwards said in a press release.