RefleXion Medical Raises $100 Million

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Today RefleXion Medical, a therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT) for all stages of cancer, today announced the close of a $100 million equity financing led by Public Sector Pension Investment Board, one of Canada’s largest pension investment managers that focuses on long-term investments with partners demonstrating strong value orientation strategies.

RefleXion’s bold vision for the future of cancer care stands to completely reshape how physicians think about treating patients with stage 4 cancer,” said Loïc Julé, managing director, Global Investment Partnerships Portfolio, PSP Investments.“This is exactly the mindset of companies we strive to build long-term relationships with. We are thrilled to support RefleXion during this next phase of their growth as they ramp upmarket and clinical adoption of this groundbreaking technology.”

RefleXion Medical existing investors include, TPG’s The Rise Fund, KCK Group, Sofinnova Partners, Venrock, T. Rowe Price, and global pharmaceutical leaders, Pfizer Ventures and Johnson & Johnson Innovation, JJDC Inc., all participated in the round. BofA Securities and Morgan Stanley & Co., LLC acted as placement agents for the company.

“This new influx of capital continues our momentum initiated first by FDA clearance of the RefleXion™ X1 platform last month, then quickly followed by the close of our first system order at one of the world’s leading cancer centers,” said Todd Powell, president, and CEO of RefleXion. “The support of this top-tier investment syndicate enables us to further scale operations around commercializing the X1 platform.

“Moreover, these funds allow us to validate the practical implications of using BgRT on a daily basis as we transform radiotherapy from early-stage cancer treatment to an option for patients with all stages of cancer,” continued Powell.

The RefleXion X1 machine with BgRT is designed to overcome the technical limitations that currently restrict radiotherapy to one or two tumors. When available, RefleXion will scale BgRT to treat all visible tumors, even those that move rapidly due to bodily functions such as breathing or digestion, in the same treatment session.

RefleXion recently announced FDA clearance for stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity-modulated radiotherapy (IMRT), and its first clinical and commercial client.

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