Varian Medical (NYSE:VAR) has joined a $30 million Series B round of financing for embolic therapy tech developer ABK Biomedical.
Palo Alto, Calif.-based Varian Medical Systems led the round alongside F-Prime Capital, Halifax, Nova Scotia-based ABK Biomedical said.
“ABK has a unique approach to address a large unmet need for patients with non-resectable liver tumors. This technology is aligned with our goal of delivering innovative solutions in cancer care,” Varian strategy & biz dev VP Gregory Sorensen said in a press release.
“We are impressed with the ABK Biomedical team and believe the company has an outstanding product platform with the potential to make a significant impact on the lives of patients with malignant liver tumors,” F-Prime Capital partner Dr. Ketan Patel said in a prepared release.
Funds from the round will support continued development of the Eye90 microspheres, designed for transarterial radiation therapy and intended to treat liver tumors, and its Easi-Vue microspheres, intended for the bland embolic treatment of hypervascular tumors.
ABK Biomedical said that funds will support R&D, manufacturing and a clinical development program intended to support regulatory submission for both the Eye90 and Easi-Vue, the company said.
“Our thought-leading physician partners and advisors see tremendous opportunities to improve procedural and oncologic outcomes for patients suffering from non-resectable liver tumors. The ABK platform aims to deliver key technical benefits over existing yttrium-90 (Y-90) microspheres technologies for improved procedural and clinical outcomes. ABK combines the benefits of advanced imaging and dosimetry analysis with the empirically proven clinical benefits of Y-90 transarterial radiation therapy,” ABK Biomedical prez & CEO Mike Mangano said in a prepared statement.
