Israel-based cancer treatment technology startup Alpha Tau Medical raised $29m on Wednesday from investors including Medison Ventures, the corporate venturing vehicle for pharmaceutical marketing firm Medison Pharma.
Private equity firm Shavit Capital led the round, which included equity crowdfunding platform OurCrowd and Ronald Cohen and Alan Patricof, co-founders of private equity firm Apax Partners.
Alpha Tau is developing a radiation treatment for cancer known as Alpha DaRT (D?ffus?ng Alpha-em?tters Rad?at?on Therapy) that relies on high-precision alpha radiation which is released when radioactive substances decay inside solid tumours.
The approach is designed to kill cancer cells without affecting the surrounding healthy tissue. Alpha Tau has initiated clinical trials for the treatment, which it believes could combat pancreatic, breast, gynaecological, prostate and head and neck cancer.
Uzi Sofer, chief executive of Alpha Tau, said: “The funding will be invaluable to explore the full potential of the Alpha DaRT as a cancer treatment for clinical trials worldwide, as well as establish global production facilities for the radioactive DaRT seeds to meet local distribution demand.”
Alpha Tau has not disclosed any details on earlier funding but described Medison Ventures as one of its first investors.