RefleXion Medical announced that it closed an $80 million equity financing to support its therapeutic oncology technology.
Hayward, California-based RefleXion develops biology-guided radiotherapy (BgRT) for all stages of cancer. The company designed BgRT to transform an injected radiotracer into a unified motion management solution that overcomes the technical limitations currently restricting radiotherapy use to one or two tumors.
BgRT recently received FDA breakthrough device designation for use in lung tumors, according to a news release. RefleXion plans to scale BgRT to treat all visible cancer sites, creating a new treatment option for patients with metastatic disease.
New investors joining the $80 million round were Ascension Ventures, Catalio Capital Management, Sixty Degree Capital and Hillenbrand Capital Partners.
Those new investors joined existing investors TPG’s The Rise Fund, KCK Group, PSP Investments, T. Rowe Price, Ally Bridge Partners, Venrock, Pfizer Ventures and Johnson & Johnson Innovation, JJDC Inc.
“The steadfast belief in RefleXion’s vision by our investor syndicate gives us the runway to drive hard and fast toward developing our platform for indications where radiotherapy was previously considered palliative only,” RefleXion President and CEO Todd Powell said in the release. “In just under a year, we have gained experience with image-guided radiotherapy by delivering nearly 2,000 patient treatments, successfully completed our feasibility study, secured an additional key radiopharmaceutical agreement, and expanded our commercial footprint. These important milestones lay the foundation for our future introduction of biology-guided radiotherapy.”