Augmenix, a radiation oncology technology developer backed by oncology equipment maker Varian Medical Systems, raised $6m yesterday in a series E round funded by unnamed existing investors.
Augmenix is developing an absorbable hydrogel called SpaceOar System that reduces radiation injury for men undergoing prostate cancer radiotherapy. It secured regulatory clearance in the US in April 2015 and has been taken on by more than 129 cancer centres.
John Pedersen, chief executive of Augmenix, said: “With this financing we are thrilled to accelerate the expansion of commercial operations in the US and internationally and we intend to develop devices to space other organs at risk.”
Ascension Health Ventures (AHV), the strategic investment arm of care provider Ascension Health, led the company’s $10.8m series D round in mid-2014, investing together with Excelestar Ventures, Catalyst Health Ventures and Sparta Group.
Varian invested $15m in Augmenix in 2011, after the company had raised $7.1m in two rounds from backers including AHV, Catalyst Health Ventures, Pinnacle Ventures and Versant Ventures.