Augmenix Financing Will Enable Sales Growth

WALTHAM, Mass.–(BUSINESS WIRE)–Augmenix,
Inc., a privately held company developing minimally invasive
hydrogel products to improve outcomes following cancer radiotherapy,
today announced it 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 TraceIT® 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 https://www.Augmenix.com.