An investment group led by Firsthand Technology Value Fund has completed its acquisition of IntraOp Medical Corp. No financial terms were disclosed. Headquartered in Sunnyvale, Calif., IntraOp is a provider of tech-based cancer treatments.
SUNNYVALE, CA–(Marketwired – Oct 7, 2013) – IntraOp Medical Corporation, a leading provider of innovative technology-based cancer treatments, today announced the completion of its sale to an investment group led by Firsthand Technology Value Fund. Inc. (NASDAQ: SVVC), a publicly traded venture capital fund.
Throughout its restructuring process, IntraOp Medical continued to manufacture and ship Mobetrons, as well as service existing customers. In September, IntraOp shipped its eighth Mobetron to China, to China Medical University in Shenyang City.
IntraOp’s Mobetron is the only mobile, self-shielded electron linear accelerator in the world. The Mobetron is used for intra-operative electron radiation therapy (IOERT) to radiate cancerous tumors and cells during surgery. U.S. News and World Report’s top 10 hospitals feature six Mobetrons, and there are more than 50 Mobetrons worldwide.
More than 30 years of clinical trial data shows that IOERT reduces the chance of the cancer returning and often also leads to longer survival. IOERT bypasses healthy tissue and organs, providing effective radiation directly to the cancer site, with less overall radiation to the patient. “Everyone can appreciate the benefits and logic behind delivering a cancer-killing dose of radiation directly to the tumor bed, which in turn reduces or eliminates post-surgery radiation and overall treatment time,” said IntraOp CEO John Powers.
The Mobetron provides clinically proven, improved outcomes at lower cost, saving money for hospitals, insurers, and patients. With a clean balance sheet and a strong financial partner, IntraOp Medical is confident that this restructuring positions the company to address the growing demand for evidence-based medical treatments and positively impact the lives of cancer patients.
IntraOp Medical Corporation provides innovative technology solutions for the treatment and eradication of cancer. Founded in 1993, IntraOp is committed to providing the tools doctors need to administer IOERT safely and effectively for all cancer patients. The Mobetron is the first IOERT device designed for use in existing operating rooms and has been used to treat over 20 different cancer indications. Mobetron benefits include: increased survival rates, better local tumor control, shorter treatment cycles, and happier patients with fewer side effects. Leading hospitals and clinics throughout the world use the Mobetron as a vital part of their comprehensive cancer program. For more information email email@example.com or call 408-636-1020 x128.
About Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly-traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.