Sirtex Medical announces strategic investment in Nanospectra Biosciences
Agreement includes board position and exclusive negotiation period for further collaborative access to AuroLase® Therapy in other non-U.S. geographies
WOBURN, Mass., Sept. 8, 2020 /PRNewswire/ -- Sirtex Medical ("Sirtex"), a leading manufacturer of targeted liver cancer therapies, announced a lead and strategic investment in Nanospectra Biosciences, Inc. (Nanospectra), a medical device company pioneering a novel use of nanomedicine for selective thermal ablation, as part of Nanospectra's Series B-1 round of financing.
The investment provides resources for the further development of Nanospectra's lead product AuroLase® for prostate cancer tissue ablation, which is the first and only ultra-focal ablation therapy designed to maximize treatment efficacy while minimizing side effects typically associated with surgery, radiation and alternative focal therapies. The therapy uses the company's proprietary AuroShells® nanoparticle technology to thermally destroy solid cancer tumors, minimizing the damage to adjacent healthy tissue.
Under the collaboration, Sirtex made a significant equity investment in exchange for preferred shares in Nanospectra in the initial closing of an ongoing Series B-1 round. In addition, Sirtex will appoint a Board of Director member and have an exclusive right to negotiate for access to AuroLase in certain geographies outside the U.S. for a defined period of time.
"Our investment and collaboration with Nanospectra demonstrate Sirtex's commitment to developing independently and in partnership with other innovative therapies to address unmet medical needs in patients with various cancer conditions," said Kevin R. Smith, Chief Executive Officer of Sirtex. "We celebrate this important step in our company's growth and look forward to collaborating with Nanospectra on its clinical journey."
Nanospectra is currently conducting a pivotal open-label, multi-center, single-treatment study of AuroLase Therapy for the focal ablation of prostate tissue via nanoparticle directed near infrared irradiation. The study is approved by the FDA under the original Investigational Device Exemption.
"Nanospectra and Sirtex share a common mission of delivering patient-centric therapies that are effective and safe," said David Jorden, CEO of Nanospectra. "We're thrilled to have Sirtex as an investor and collaborator as we advance our AuroLase clinical program to bring much-needed therapy options to patients worldwide."
Sirtex is a global healthcare business with offices in the U.S., Australia, Europe and Asia, working to improve outcomes in people with cancer. Sirtex's current lead product is a targeted radiation therapy for liver cancer called SIR-Spheres® Y-90 resin microspheres. More than 100,000 doses have been supplied to treat patients with liver cancer at more than 1,300 medical centers in over 45 countries.
For more information, visit www.sirtex.com.
SIR-Spheres® is a registered trademark of Sirtex SIR-Spheres Pty Ltd.
About Nanospectra Biosciences
Nanospectra Biosciences is a privately-held medical device company, pioneering the patient-centric use of nanomedicine for selective thermal ablation. AuroLase®, the company's lead product, is the first ultra-focal therapy for prostate cancer. Nanospectra's ultra-focal approach maximizes treatment efficacy while minimizing side effects associated with current treatments, including surgery, radiation, and alternative focal therapies. Implementing a multi-prong growth strategy, Nanospectra is focusing on clinical advancements, exclusive partnering agreements and ongoing research and development. Nanospectra's technology development has been funded to date by a series of grants, private equity investments and corporate partnerships.
For more information, visit www.nanospectra.com.
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