Halifax-based medical device company ABK Biomedical Inc has secured about $40 million (US$30 million) in a Series B financing.
The round was led by F-Prime Capital, a U.S. healthcare venture capital firm, and Varian Medical Systems, a U.S. oncology business.
ABK previously raised funding from Canadian early-stage venture capital firm Innovacorp and angel investors.
Founded in 2012 at Dalhousie University by Bob Abraham, Daniel Boyd and Sharon Kehoe, ABK is focused on embolic therapies for patients with benign and malignant hypervascular tumors.
The company will use the funds raised for research, manufacturing and clinical product development of its Eye90 and Easi-Vue microsphere offerings.
Update: Entrevestor‘s Peter Moreira provides additional background on ABK’s Series B round and history.
ABK Biomedical Raises $30M in Series B Financing
Funding focuses on research, manufacturing and clinical product development of Eye90™ and Easi-Vue™
HALIFAX, Nova Scotia, April 8, 2019 /CNW/ — ABK Biomedical, Inc., a medical device company dedicated to the research, development and commercialization of innovative embolic therapies, announced a $30 million Series B financing. The round is co-led by F-Prime Capital and Varian Medical Systems.
ABK Biomedical will use the funding for continued focused product development of its Eye90™ microspheres, which are designed for transarterial radiation therapy for liver tumors, and its Easi-Vue™ microspheres for bland embolic treatment of hypervascular tumors. This Series B raise is intended to support the research and development, manufacturing, and clinical development program designed for regulatory submission of both Eye90™ and Easi-Vue™.
“Our thought-leading physician partners and advisors see tremendous opportunities to improve procedural and oncologic outcomes for patients suffering from non-resectable liver tumors,” said Mike Mangano, president and CEO of ABK Biomedical. “The ABK platform aims to deliver key technical benefits over existing yttrium-90 (Y-90) microspheres technologies for improved procedural and clinical outcomes. ABK combines the benefits of advanced imaging and dosimetry analysis with the empirically proven clinical benefits of Y-90 transarterial radiation therapy.”
Ketan Patel, MD, partner with F-Prime Capital, comments, “We are impressed with the ABK Biomedical team and believe the company has an outstanding product platform with the potential to make a significant impact on the lives of patients with malignant liver tumors.”
Gregory Sorensen, vice president of strategy and business development with Varian, comments, “ABK has a unique approach to address a large unmet need for patients with non-resectable liver tumors. This technology is aligned with our goal of delivering innovative solutions in cancer care.”
About ABK Biomedical, Inc.
ABK Biomedical is organized to research, develop and commercialize breakthrough medical device therapies to improve treatment outcomes and the lives of patients with benign and malignant hypervascular tumors. Specifically, ABK holds intellectual property in the focus area of inorganic polymer microspheres, targeted at the growing field of embolotherapy within the Interventional Radiology/Interventional Oncology medical disciplines. The company possesses advanced intellectual capital and its own R&D and manufacturing facilities for developing and commercializing unique, breakthrough embolotherapy products.
For further information: ABK Biomedical, Gary Donofrio, 617-513-9575, [email protected]