Augmenix Inc., a Waltham, MA-based developer of minimally invasive hydrogel products to improve outcomes following cancer radiotherapy, closed a $10.8m Series D funding.
Backers included new investor Excelestar Ventures and existing investors CHV II, Catalyst Health Ventures and Sparta Group.
The company intends to use the funds for SpaceOAR® System approval and US market launch, with commercialization activities expected to commence in earnest in 2015.
Augmenix also announced the expiration of the option earlier granted to Varian Medical Systems, under which Varian had the right to acquire the rest of Augmenix upon achievement of certain milestones.
Led by Amar Sawhney, Chairman of the Board, Augmenix is advancing SpaceOAR System, a minimally invasive absorbable hydrogel designed to push the rectum (The OAR: Organ At Risk) away from the radiation field in men undergoing prostate radiotherapy.
SpaceOAR System is CE Mark and TGA cleared, with FDA approval expected in early 2015. The second product is TraceIT® Hydrogel, an absorbable tissue marker with CT, MRI and ultrasound visibility.
TraceIT hydrogel is CE Mark and FDA cleared, and is finding utility as marker to improve radiation targeting of bladder tumors.
FinSMEs
24/07/2014