Augmenix Announces Completion of Series D Financing
Financing should see Augmenix through to profitability
WALTHAM, Mass., July 23, 2014-- Augmenix Inc., a privately held company developing minimally invasive hydrogel products to improve outcomes following cancer radiotherapy today announced closure of $10.8 million Series D fundraising. Participants in this latest round of financing included a new investor, Excelestar Ventures as well as certain individuals. Existing investors CHV II, Catalyst Health Ventures and Sparta Group also participated. These funds are anticipated to see Augmenix through to SpaceOAR® System approval and US market launch, with commercialization activities expected to commence in earnest in 2015.
Augmenix also announced the expiration of the option earlier granted to Varian Medical Systems, under which Varian had the right to acquire the rest of Augmenix upon achievement of certain milestones. “We value Varian’s investment in Augmenix and their support to date. We feel the expiration of Varian’s option will enable us to maximize the value of Augmenix for all its shareholders, including Varian. With the addition of the Series D financing, we are well resourced to chart an independent path forward,” said Amar Sawhney, Augmenix Chairman of the Board.
The Augmenix lead product, SpaceOAR System, is a minimally invasive absorbable hydrogel designed to push the rectum (The OAR: Organ At Risk) away from the radiation field in men undergoing prostate radiotherapy. Decreasing unintentional rectal irradiation will reduce treatment side effects and enable hypofractionation, potentially reducing treatment costs. SpaceOAR System is CE Mark and TGA cleared, with FDA approval expected in early 2015. The second Augmenix product is TraceIT® Hydrogel, an absorbable tissue marker with CT, MRI and ultrasound visibility. TraceIT hydrogel is CE Mark and FDA cleared, and is finding utility as marker to improve radiation targeting of bladder tumors.
About Augmenix, Inc.
Augmenix, Inc. is a privately held Company based in Waltham, MA focused on the development and commercialization of radiation oncology products using its proprietary hydrogel technology. The company was founded by Incept LLC in 2008 and is funded by several leading venture capital groups. More information about Augmenix can be found at http://www.Augmenix.com.
Any statements in this news release about future expectations, plans and prospects for Augmenix constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements because of a number of important factors, including the risks that: our development efforts may not be successful, we may not obtain regulatory approval to market any of our products in development and we may not be able to successfully commercialize any products for which we do receive marketing approval. In addition, Augmenix anticipates that subsequent events and developments may cause its views to change. However, while Augmenix may elect to update these forward-looking statements in the future, it specifically disclaims any obligation to do so.
Patrick Campbell, 781-902-1630
Venture Capital Database