RefleXion Medical To Tap Into New $100M Financing For Cancer Therapy

After receiving U.S. Food and Drug Administration clearance for treatment pertaining to its RefleXion X1 machine, therapeutic oncology company RefleXion Medical has closed on a $100 million equity financing.

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Public Sector Pension Investment Board, one of Canada’s largest pension investment managers, led the financing for Hayward, California-based RefleXion.

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.

“RefleXion’s bold vision for the future of cancer care stands to completely reshape how physicians think about treating patients with stage 4 cancer,” Loïc Julé, managing director for PSP Investments’ Global Investment Partnerships Portfolio, said in a written statement. “We are thrilled to support RefleXion during this next phase of their growth as they ramp up market and clinical adoption of this groundbreaking technology.”

PSP most recently participated in an undisclosed round of funding for SitusAMC, a Denver-based provider of consulting, outsourcing, talent and technology solutions.

Meanwhile, RefleXion closed a $100 million Series C round of funding in April 2018, making total funding raised at $223.6 million, according to Crunchbase data.

Founded in 2009, the company is working on the use of biology-guided radiotherapy for all stages of cancer. Simply put, the RefleXion X1 machine uses imaging on a tumor to deliver a precise therapeutic dose of radiation for that tumor. RefleXion received FDA clearance for that therapy in March.

RefleXion opened a new factory in May 2019 to build the machine, and Todd Powell, president and CEO, said in a written statement that the company expects to begin shipping the machines in the third quarter of 2020.

“The support of this top-tier investment syndicate enables us to further scale operations around commercializing the X1 platform,” he said. “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.”

Illustration: Li-Anne Dias