Therapeutic oncology company RefleXion Medical announced today that it closed an equity financing with proceeds of $100 million.
Public Sector Pension Investment Board (PSP Investments), a large, Canada-based pension investment manager focused on long-term investments, led the funding, according to a news release.
Existing investors TPG’s The Rise Fund, KCK Group, Sofinnova Partners, Venrock, T. Rowe Price, Pfizer Ventures and Johnson & Johnson Innovation, JJDC Inc. all participated in the round. BofA Securities and Morgan Stanley acted as placement agents.
“RefleXion’s bold vision for the future of cancer care stands to completely reshape how physicians think about treating patients with stage 4 cancer,” PSP Investments global investments partnerships portfolio managing director Loïc Julé said in the release.“This is exactly the mindset of companies we strive to build long-term relationships with. We are thrilled to support RefleXion during this next phase of their growth as they ramp upmarket and clinical adoption of this groundbreaking technology.”
The technology developed by RefleXion is the RefleXion X1 machine with biology-guided radiotherapy (BgRT), designed to treat all visible tumors, even ones that move rapidly during breathing, digestion or other bodily functions, all in the same treatment session.
RefleXion said in the release that it recently received FDA clearance for its stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT), while it also secured its first clinical and commercial client.
“This new influx of capital continues our momentum initiated first by FDA clearance of the RefleXion X1 platform last month, then quickly followed by the close of our first system order at one of the world’s leading cancer centers,” RefleXion president & CEO Todd Powell said. “The support of this top-tier investment syndicate enables us to further scale operations around commercializing the X1 platform.
“Moreover, these funds allow us to validate the practical implications of using BgRT on a daily basis as we transform radiotherapy from early-stage cancer treatment to an option for patients with all stages of cancer.”