Inc. Augmenix , a privately held company developing minimally invasive hydrogel products to improve cancer radiotherapy outcomes, today announced a $10 closure Series D 8 million fundraising Participants in this latest round of financing included a new investor, Excelestar Ventures and certain individuals. Existing investors CHV II, Catalyst Health Ventures and Sparta also participated These funds are expected to see Augmenix through the approval of the SpaceOAR System and the launch of the U.S. market, with commercialization activities expected to begin seriously in 2015.
Augmenix also announced the expiry of the option previously granted to Varian Medical Systems, according to which Varian had the right to acquire the remainder of Augmenix upon the achievement of certain milestones. ‘We value Varian’s investment in and support for Augmenix to date We feel that the expiry of Varian’s option will allow us to maximize the value of Augmenix to all of its shareholders, including Varian. With the addition of Series D funding, we are well equipped to chart an independent path forward,” said Amar Sawhney, Chairman of the Board of Directors of Augmenix.
The Augmenix lead product, SpaceOAR System, is a minimally invasive absorbable hydrogel designed to remove the rectum (OAR: Organ At Risk) from the radiation field in men undergoing prostate radiotherapy. Decreasing unintentional rectal irradiation will reduce the side effects of treatment and allow hypofractionation, potentially reducing the cost of treatment. The SpaceOAR system is CE Mark and TGA cleared, with FDA approval expected at the beginning of 2015. The second Augmenix product is TraceIT Hydrogel, a CT, MRI and ultrasound absorbable tissue marker. TraceIT hydrogel is CE Mark and FDA cleared and is found to be useful as a marker for improving the radiation targeting of bladder tumors.
Augustenix, Inc. is a privately owned company based in Waltham, MA dedicated to the development and commercialization of radiation oncology products using its proprietary hydrogel technology. The company was founded by Incept LLC in 2008 and is financed by a number of leading venture capital groups. More information on Augmenix can be found at http://www Oh, Augmenix Come on,
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