US-based cancer therapy developer Reflexion Medical completed a $100m funding round yesterday featuring Pfizer Ventures and Johnson & Johnson Innovation, JJDC, subsidiaries of pharmaceutical firms Pfizer and Johnson & Johnson respectively.
Canada’s Public Sector Pension Investment Board led the round, which included medical technology investor KCK Group, venture capital firms Sofinnova Partners and Venrock, investment manager T. Rowe Price and private equity group TPG’s The Rise Fund.
Reflexion is developing biology-guided radiotherapy technology in an effort to create a system that will be able to treat multiple tumours simultaneously, even in cancers that have metastasized.
The company secured marketing clearance from the US Food & Drug Administration for its RefleXion X1 system last month. Its technology has partly been licensed from research conducted at University of Chicago.
BofA Securities and Morgan Stanley were placement agents for the round, which increased Reflexion’s funding to approximately $264m since it was founded in 2009. It received $11.6m in series A funding from Pfizer Ventures, Sofinnova Partners and Venrock in 2014.
Johnson & Johnson Innovation – JJDC unit invested $6m to help the company close a $52m series B round in 2016 also featuring KCK Group and all the series A investors.
Rise Fund subsequently led Reflexion’s $100m series C round in 2018, investing alongside Pfizer Ventures, Johnson & Johnson Innovation – JJDC, T. Rowe Price, Sofinnova Partners, KCK Group, Venrock and GT Healthcare Capital Partners.
