A Medical Device Daily
Xoft (Sunnyvale, California) developer of the Axxent electronic brachytherapy system, a cancer treatment platform, reported that it has closed a Series E preferred stock financing, raising a total of $25 million in additional funding.
The Axxent system uses a miniaturized X-ray source that can deliver localized and targeted radiation treatment in virtually any clinical setting under the supervision of a radiation oncologist.
All of Xoft's major investors participated in the Series E financing, which was led by Chicago Growth Partners, a new investor in Xoft. As part of the financing, Arda Minocherhomjee, PhD, managing partner of Chicago Growth Partners, joined the Xoft board.
"We have experienced strong market acceptance since commercializing the Axxent system for the treatment of breast cancer late last year," said Michael Klein, president/CEO. "These funds will be used to complete the post-market Electronic Xoft Intersociety Brachytherapy Trial (EXIBT) and patient registry of 400 patients and expand market penetration of our breast cancer application, as well as accelerate commercialization of our new endometrial and rectal indications."
Developed for accelerated treatment of early stage breast cancer and endometrial and rectal indications, the Axxent system also is cleared for use in the treatment of other cancers or conditions where radiation therapy is indicated.
As a platform technology, the company said the system addresses a variety of oncological and non-oncological indications. It is designed to deliver non-radioactive therapy directly to cancer sites with minimal radiation exposure to surrounding healthy tissue.
Designed to deliver electronic, X-ray-based radiation treatment, the Axxent treatment platform can be used in many clinical settings under the supervision of a radiation oncologist, without the need for a shielded room.
The company raised $33.2 million in its Series D round last year (Medical Device Daily, April 6, 2007). Since 2000, Xoft has raised more than $119.2 million in private funds.