Expands Series D financing by $40M
March 02, 2021 10:00 AM Eastern Standard Time
HAYWARD, Calif.–(BUSINESS WIRE)–RefleXion Medical, a therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT)* for all stages of cancer, today announced the successful completion of a $40 million extension to its Series D financing, which combined with $110 million raised in 2020, brings the total Series D financing to $150 million. Ally Bridge Group (ABG) is known as a leading investor in late-stage, best-in-class life science technologies, with expertise in private and public markets in both the U.S. and Asia.
“Ally Bridge is excited to join the blue-chip investor syndicate at RefleXion as they near commercialization of their novel biology-guided radiotherapy, a desperately needed new treatment alternative for patients with metastatic cancer, which we believe is game changing,” said Frank Yu, founder, CEO and CIO of Ally Bridge. “Lessening the growing economic burden of cancer globally will require innovative combinations of different therapies, and we believe RefleXion is well-positioned to partner with pharmaceutical agents to achieve unprecedented patient outcomes. We are very pleased to add RefleXion at its new inflection point to our portfolio of cutting-edge life science companies.”
“As we consider our Asia market entry strategy, the value of this strategic relationship with Ally Bridge is of paramount importance,” said Todd Powell, president and CEO of RefleXion. “Their experience investing in novel therapies approaching market entry will benefit us as we seek to establish a global footprint. These additional funds will assist us in continuing the promising market ramp we have experienced since our commercialization efforts began in mid-2020.”
The RefleXion X1 machine with BgRT* is designed to overcome the technical limitations that currently restrict radiotherapy to one or two tumors. When available, RefleXion will scale BgRT to treat all visible tumors, even those that move rapidly due to bodily functions such as breathing or digestion, in the same treatment session.
About RefleXion Medical
RefleXion is a privately-held company developing the first biology-guided radiotherapy system, a significant change in strategy from single tumor therapy to the ability to one day treat multiple tumors in the same treatment session in cancers that have metastasized. Currently, the RefleXion X1 machine is cleared for the delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT). The company is also developing BgRT*, which incorporates positron-emission tomography (PET) imaging data to enable tumors to continuously signal their location. The BgRT technology will synchronize these data with the linear accelerator to direct radiotherapy to tumors with sub-second latency.
About Ally Bridge
Ally Bridge Group (ABG) is a global healthcare-focused investment group founded by Frank Yu with dual headquarters in New York and Hong Kong. Mr. Yu and his team began their track record of successful healthcare investing in 2011 in China and have since evolved to global healthcare investors. Today, ABG and its affiliates manage approximately $3 billion in assets and a portfolio of some of the world’s most novel life science companies and technologies in the United States, Europe, and China.
*The RefleXion™ X1 BgRT capability requires 510(k) clearance; this feature is not available for sale.