RefleXion Raises $80 Million to Broaden Cancer Treatment Options

March 10, 2022

Recent progress includes feasibility study completion and nearly 2,000 patient treatments

HAYWARD, Calif., Mar 10, 2022 – RefleXion Medical, a therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT)* for all stages of cancer, today announced the close of an $80 million equity financing. In addition to participation from RefleXion’s existing investors, the company also welcomes investments from Ascension Ventures, Catalio Capital Management, Sixty Degree Capital and Hillenbrand Capital Partners.

“RefleXion’s breakthrough technology holds the potential to expand the reach of radiotherapy to late-stage cancers where five-year survival is less than 31%,” said Tara Butler, M.D., senior managing director of Ascension Ventures. “We believe wholeheartedly in their goals of improving outcomes for these patients, and in prioritizing the availability of BgRT at community hospitals thereby enabling patients to receive their cancer treatment without traveling long distances.”

Existing RefleXion investors that participated in the round include TPG’s The Rise Fund, KCK Group, PSP Investments, T. Rowe Price, Ally Bridge Partners, Venrock, and global pharmaceutical leaders, Pfizer Ventures and Johnson & Johnson Innovation, JJDC Inc.

BgRT is the first and only technology designed to transform an injected radiotracer into a unified motion management solution that overcomes the technical limitations currently restricting radiotherapy use to one or two tumors. RefleXion’s BgRT recently received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for use in lung tumors because of its potential to detect and then immediately treat moving targets. The company aims to one day scale BgRT to treat all visible cancer sites to create a new treatment option for patients with metastatic disease.

“The steadfast belief in RefleXion’s vision by our investor syndicate gives us the runway to drive hard and fast toward developing our platform for indications where radiotherapy was previously considered palliative only,” said Todd Powell, president and CEO of RefleXion. “In just under a year, we have gained experience with image-guided radiotherapy by delivering nearly 2,000 patient treatments, successfully completed our feasibility study, secured an additional key radiopharmaceutical agreement, and expanded our commercial footprint.

“These important milestones lay the foundation for our future introduction of biology-guided radiotherapy,” continued Powell.

About RefleXion Medical

RefleXion is a privately-held company developing the first biology-guided radiotherapy system, a significant change in strategy from single tumor therapy to the ability to one day treat multiple tumors in the same treatment session in cancers that have metastasized. Currently, the RefleXion X1 machine is cleared for the delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity modulated radiotherapy (IMRT). The company is also developing BgRT, which incorporates positron-emission tomography (PET) imaging data to enable tumors to continuously signal their location. The BgRT technology will synchronize these data with the linear accelerator to direct radiotherapy to tumors with subsecond latency.

*The RefleXion® X1 is cleared for SBRT/SRS/IMRT. BgRT is pending regulatory review and is not commercially available.

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