Augmenix Closes $6.1 Million Financing
Published: Oct 19, 2009
WALTHAM, Mass., Oct. 16 /PRNewswire/ -- Augmenix announced today that it has closed a $6.1 million Series B financing. The round was led by Ascension Health Ventures (AHV) in St. Louis, Mo., with continued participation by existing investors, Versant Ventures and Pinnacle Ventures. Also participating were Catalyst Health Ventures and several private investors.
"The field of radiation oncology has traditionally been of a large capital equipment mindset in solving problems. Augmenix plans to bring novel biomaterials technology into this field to create absorbable devices that will have a huge impact on how clinicians are able to improve targeting of radiotherapy while minimizing radiation damage to organs at risk," commented Amar Sawhney, Augmenix President and CEO.
The proceeds will be used to conduct the clinical and commercial development of the SpaceOAR((TM)). System in Europe and the United States, as well as to develop other products in the Augmenix pipeline.
"We are excited about working with Augmenix to meet significant medical needs in radiation oncology and urology. We have worked with Amar and his team before and like the technology, as well as the rapid and cost-effective execution model embraced by Augmenix," said Tara Butler, Investment Director, AHV, who will join the company's Board of Directors.
About Augmenix, Inc.:
Augmenix, Inc. is a privately held company based in Waltham, Mass., focused on the development and commercialization of implantable biomaterial based solutions for improved radiotherapy safety and/or efficacy. Augmenix's first product, SpaceOAR system is an injectable tissue spacer that will decrease rectal morbidity or enable improved efficacy in prostate radiotherapy. The company was founded in 2008.
About Ascension Health Ventures:
Ascension Health Ventures (www.ascensionhealthventures.org) was launched in 2001 as a wholly-owned subsidiary of Ascension Health. AHV's role has been to construct and manage a strategic portfolio of investments that deliver a venture investment return, have the potential to transform the healthcare industry and significantly enhance the quality of patient care. CHV II, LP, a limited partnership between Ascension Health, Catholic Health Initiatives, Catholic Health East and Catholic Healthcare West, has been formed to expand this strategic investment initiative to other Catholic healthcare systems. AHV is the general partner of CHV II, LP.