Ultrasound specialist Edap TMS (NSDQ:EDAP) said it joined a $45 million research consortium led by GE Healthcare (NYSE:GE) to develop new treatments for liver cancer.
Bpifrance, a public investment bank backed by the French government, is putting up $20 million over 5 years for the project, called the Hepatocellular Carcinoma Multi-technological or HECAM.
The consortium will also include BioPredictive, BioSIMS Technologies, CarThera, Fluoptics, Guerbet, IntegraGen, Intrasense and Gustave Roussy Cancer Center, Bpifrance said. French hospitals Beaujon, Jean Verdier, Henri Mondor and Paul Brousse will also participate, along with French research institute INSERM, according to a press release.
Edap will work with INSERM to develop its high-intensity focused ultrasound technology for the treatment of liver cancer. Edap markets the technology under the name Ablatherm for the treatment of prostate cancer. The product, which is awaiting FDA clearance, is approved in Europe, Mexico and Canada.
Edap said it will receive approximately $2.6 million in non-dilutive financing over 5 years from Bpifrance for the project.
“Edap’s inclusion in this consortium is an important validation of our fundamental HIFU technology and its potential as a safe, efficacious treatment option for certain types of cancer,” CEO Marc Oczachowski said in prepared remarks. “We look forward to working with this world-class group of companies, academic researchers and clinicians toward the common goal of finding better treatment and early detection options for liver cancer patients. We enjoy a strong reputation in the industry as the HIFU leader for prostate cancer in Europe, and are excited for the opportunity to extend this leadership into the area of liver cancer."