Cancer treatment technology provider Varian Medical Systems and F-Prime Capital, part of investment and financial services group Fidelity, have co-led a $30m series B round for Canada-based medical device developer ABK Biomedical.
Founded in 2012, ABK Biomedical is developing tiny beads designed to shrink or kill tumours by starving them of blood flow. Its technology includes Eye90 microspheres, which are designed to treat liver tumours, and Easi-Vue microspheres for hypervascular tumours.
In both cases, the microspheres can be seen by medical imaging techniques such as x-rays so their effectiveness can be tracked. The funding will support the research and development, manufacturing and clinical development required for regulatory submission of both products.
Gregory Sorensen, vice-president of strategy and business development at Varian, said: “ABK has a unique approach to address a large unmet need for patients with non-resectable liver tumours. This technology is aligned with our goal of delivering innovative solutions in cancer care.”
The series B round comes after ABK secured approximately $7.2m in an oversubscribed series A round in August 2017 that included venture capital firm Innovacorp, according to Entrevestor.
ABK received $2.1m from the government-backed Atlantic Canada Opportunities Agency in 2014, having raised $1.3m in a round backed by Innovacorp, Atlantic Canada Opportunities Agency and several angel investors the previous year.