WALTHAM, MA, Augmenix, a privately held company developing minimally invasive hydrogel products to improve outcomes following cancer radiotherapy, announced it has secured $6 million in series E funding from existing investors.
This infusion of capital will allow Augmenix to focus on next-generation products and build on significant growth driven by the robust commercial uptake of its innovative SpaceOAR System.
SpaceOAR System is a soft, absorbable hydrogel introduced through a needle that pushes the rectum away from the prostate in men undergoing prostate cancer radiotherapy. This extra space significantly reduces radiation injury to the rectum, the primary Organ at Risk (OAR). Reduced rectal radiation results in fewer long term complications and improved patient quality of life. The device received U.S. Food and Drug Administration (FDA) clearance in April 2015, and since then more than 129 cancer centers in 35 states have adopted it. SpaceOAR hydrogel is in use, or is being installed, in 75% of the top 20 cancer centers in the U.S., as identified by U.S. News & World Report. In addition, SpaceOAR System has been showcased in over 50 peer-reviewed publications and conference abstracts, and the ECRI Institute named SpaceOAR one of the 10 top technological advances to watch in 2016.
'With this financing we are thrilled to accelerate the expansion of commercial operations in the U.S. and internationally and we intend to develop devices to space other organs at risk,' said John Pedersen, Augmenix CEO.
'Beyond radiotherapy there are other tumor ablation technologies that have the same challenge: accurately killing the tumor without injuring nearby healthy tissues,' said Pat Campbell, Augmenix President. 'There was great interest in hydrogel technology at the recent World Conference of Interventional Oncology where hydrogel spacers could protect healthy tissues during interventional procedures.'
The Augmenix Products
Using a minimally invasive procedure, SpaceOAR System is injected as a liquid into the space between the prostate and rectum where it expands the space and then solidifies into a soft hydrogel. The hydrogel remains stable for three months while protecting the rectum during radiotherapy, and is then absorbed and cleared in the patient's urine. See the Instructions for Use for a complete list of warnings, precautions and risks. The SpaceOAR System has a CE mark, and Canadian and TGA approvals. Augmenix also markets TraceITĀ® Hydrogel, the world's first absorbable hydrogel tissue marker with CT, MRI and ultrasound visibility. TraceIT Hydrogel is FDA cleared, CE marked and TGA approved, and is finding utility as a marker to improve radiation targeting of bladder tumors.
About Augmenix, Inc.
Augmenix, Inc. is a privately held company based in the Boston area 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.
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