RefleXion Medical Raises $100 Million Series C to Commercialize Revolutionary Cancer Treatment
World’s Only Biology-Guided Radiation Therapy Could Help Millions More Patients Worldwide
Hayward, CA – April 3, 2018 - RefleXion Medical, a medical technology company developing the first and only biology-guided radiotherapy system (BgRT) for targeted cancer treatment, announced today it has raised a more than $100 million Series C round of funding led by The Rise Fund, the global impact investment fund managed by TPG Growth. Also participating were T. Rowe Price Associates, Inc., GT Healthcare Capital Partners, a China-focused healthcare investment firm, and all existing investors including Sofinnova Partners, KCK Group, Pfizer Venture Investments, Venrock, and Johnson & Johnson Innovation – JJDC Inc.
“Radiation therapy has a long history of effectively treating cancer patients. However, current systems have significant limitations that our platform addresses,” said RefleXion CEO Todd Powell. “We believe many of the more than 600,000 patients in the U.S. with metastatic cancer each year could become treatable with our radiation therapy system’s unique ability to treat multiple tumors in the same session. As well, there are over 750,000 patients in the U.S. diagnosed with early stage disease every year and they could benefit from our approach to automatically compensate for tumor motion and precisely target the disease itself.”
During BgRT procedures, cancer patients will be injected with a PET (Positron Emission Tomography) imaging tracer that accurately identifies tumors. RefleXion’s technology then directs therapeutic x-rays at one or more targets in real time, based on the tracer signals. Using this proprietary approach, RefleXion’s platform has the potential to deliver higher doses of radiation to cancerous lesions than current systems with improved sparing of surrounding healthy tissue.
Additionally, RefleXion’s technology could simplify and automate many elements of the radiotherapy treatment process. An immediate benefit could be increasing access to care in underserved areas suffering from shortages of trained technicians and qualified support staff.
"The RefleXion system is the first and only one to have a patient’s tumors guide their own treatment and destruction,” said Samuel Mazin, PhD, Founder and CTO of RefleXion. “Our goal is to eliminate disease throughout the body with solo treatments or in concert with immunotherapy and other advanced cancer drugs. We believe this could help reduce the more than 13 million cancer deaths projected to occur in 2030 by the World Health Organization.”
“This compelling new technology has the potential to dramatically improve the health and lifespans of metastatic cancer patients around the world,” said Matthew Hobart, Partner at TPG Growth. “Investing in companies like RefleXion is core to The Rise Fund’s mission of building high-performing businesses that also create positive social impact. We’re excited to work with the team at RefleXion to help them scale the business and create a new category in cancer care.”
About RefleXion Medical
RefleXion Medical is a privately held medical device company developing the first biology-guided radiotherapy (BgRT) system for cancer treatment. By leveraging Positron Emission Tomography (PET) in a novel way, RefleXion's patented technology will allow tumors to continuously signal their location during treatment and potentially revolutionize radiotherapy. RefleXion is backed by premier investment firms Sofinnova Partners, KCK Group, Pfizer Venture Investments, Venrock and Johnson & Johnson Innovation, JJDC Inc. The company has also received grant funding from the National Cancer Institute (NCI) Small Business Innovation Research (SBIR) Program. For more information, visit www.reflexion.com and follow @reflexionmed on Twitter.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $13 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpg.com.
About The Rise Fund
The Rise Fund is the world’s largest global fund committed to achieving measurable, positive social and environmental outcomes alongside outsized financial returns—referred to as “complete returns.” The Rise Fund is managed by TPG Growth, the global growth equity and middle market buyout platform of alternative asset firm TPG. TPG Growth Founder and Managing Partner Bill McGlashan, U2 lead singer Bono, a well-known activist and a special partner with TPG Growth, and Jeff Skoll, a global entrepreneur, film producer, and impact investor, co-founded The Rise Fund. They were joined by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress, who came together to form the Founders Board. The Rise Fund’s objectives align with the U.N.’s Sustainable Development Goals. The Rise Fund invests in education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media, and telecommunications companies that deliver complete returns. For more information, visit therisefund.com.
The Rise Fund
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