US-based proton therapy technology provider Mevion Medical Systems has completed a $150m financing round featuring medical device maker Henan Maisheng Medical Technology.
Healthcare-focused investment fund YuanMing Capital led the round, which included private equity firm Hopu Investment Management and investment holding group China Everbright.
Founded in 2004, Mevion supplies proton therapy systems that aim to treat cancer through precise bursts of radiation. The technique differs from photon radiation-based treatments in that it reduces the impact on surrounding healthy tissue.
The company had raised about $350m as of 2015, according to Forbes, when it secured $200m in financing from YuanMing, Hopu, asset manager Caxton Alternative Management, investment firm CHL Medical Partners and venture capital firms ProQuest Investments and Venrock.
The latest funding will go to expanding Mevion’s manufacturing capabilities and enhancing its Hyperscan pencil beam scanning technology.
Mevion, which has a presence in China and Europe, also intends to expand into emerging markets, particularly in the Asia Pacific region.