Augmenix has closed a $10.8 million Series D fundraising. Participants in this round of financing included a new investor, Excelestar Ventures. Existing investors CHV II, Catalyst Health Ventures and Sparta Group also participated. Augmenix is based in Waltham, MA and is focused on the development and commercialization of radiation oncology products using its proprietary hydrogel technology.
Augmenix Inc., a privately held company developing minimally invasive hydrogel products to improve outcomes following cancer radiotherapy today announced closure of $10.8 million Series D fundraising. Participants in this latest round of financing included a new investor, Excelestar Ventures as well as certain individuals. Existing investors CHV II, Catalyst Health Ventures and Sparta Group also participated. These funds are anticipated to see Augmenix through to SpaceOAR® System approval and US market launch, with commercialization activities expected to commence in earnest in 2015.
Augmenix also announced the expiration of the option earlier granted to Varian Medical Systems, under which Varian had the right to acquire the rest of Augmenix upon achievement of certain milestones. “We value Varian’s investment in Augmenix and their support to date. We feel the expiration of Varian’s option will enable us to maximize the value of Augmenix for all its shareholders, including Varian. With the addition of the Series D financing, we are well resourced to chart an independent path forward,” said Amar Sawhney, Augmenix Chairman of the Board.
The Augmenix lead product, SpaceOAR System, is a minimally invasive absorbable hydrogel designed to push the rectum (The OAR: Organ At Risk) away from the radiation field in men undergoing prostate radiotherapy. Decreasing unintentional rectal irradiation will reduce treatment side effects and enable hypofractionation, potentially reducing treatment costs. SpaceOAR System is CE Mark and TGA cleared, with FDA approval expected in early 2015. The second Augmenix product is TraceIT® Hydrogel, an absorbable tissue marker with CT, MRI and ultrasound visibility. TraceIT hydrogel is CE Mark and FDA cleared, and is finding utility as marker to improve radiation targeting of bladder tumors.
About Augmenix, Inc.
Augmenix, Inc. is a privately held Company based in Waltham, MA focused on the development and commercialization of radiation oncology products using its proprietary hydrogel technology. The company was founded by Incept LLC in 2008 and is funded by several leading venture capital groups.