SEATTLE, Jan. 5 /PRNewswire/ -- Today, Calypso(R) Medical Technologies, Inc., announced closure of its Series D private equity financing, totaling $42.2 million. Apothecary Capital, LLC (Chicago, IL), Glenview Capital Management (New York, NY), and Pequot Capital (New York, NY), joined Calypso(R) Medical’s existing investors. Proceeds will provide expansion capital to support the market launch of the Calypso(R) 4D Localization System(TM) for use in patients undergoing radiation treatment for prostate cancer. With this financing, the company intends to accelerate development of this vital platform technology for use in tumor sites throughout the body. Future development includes product applications for cancers of the breast, lung, head and neck and other organs treated with radiation therapy.
Radiation therapy is used to treat approximately one million cancer patients in the United States each year, and is very effective in destroying cancer cells; however, doctors must guard against damaging healthy tissues that surround the tumor caused by misalignment and unpredictable tumor motion. In prostate cancer treatment, the most common side effects arise when the radiation beam misses the prostate but irradiates adjacent healthy organs causing urinary, rectal and sexual dysfunction complications.
Cleared by the FDA to guide radiation delivery for prostate cancer, the Calypso(R) 4D Localization System enables doctors for the first time to objectively pinpoint a tumor’s location with great accuracy and continuously monitor its position throughout treatment. This technology utilizes miniature electromagnetic sensors, called Beacon(R) transponders. Transponders are implanted in the prostate to continuously monitor position and motion of the organ in real-time. The first commercial system is installed at the Swedish Cancer Institute on Swedish Medical Center’s First Hill Campus in Seattle.
“We are very pleased with the support and endorsement from both the clinical and investment community clearly signifying the importance of managing the response to organ motion in radiation therapy. With this capital raise, Calypso Medical can fully implement our business plan of offering our novel localization platform for the majority of patients undergoing radiation therapy and, therefore, provide greater confidence in the delivery of radiation therapy,” notes Eric R. Meier, Calypso Medical president and CEO.
Timothy P. Mate, M.D., radiation oncologist with the Seattle Prostate Institute at Swedish Medical Center and founding member of the Calypso Medical scientific advisory board comments, “Detecting prostate motion continuously during radiation treatment will allow doctors to manage the delivery of radiation therapy with increased precision, accuracy and confidence. And, importantly, we expect this technology to have a role in clinical applications in tumors throughout the entire body in the future. This 4D monitoring technology is a key building block in advancing radiation therapy delivery.”
About Calypso(R) Medical Technologies, Inc.
Calypso Medical Technologies, Inc. (“Calypso”) is a privately held, vibrant and rapidly growing medical device company located in Seattle, WA. The Company’s proprietary tumor localization and tracking system utilizes miniaturized implanted devices (Beacon(R) electromagnetic transponders) to continuously, accurately, and objectively pinpoint the location of tumors for improved accuracy in radiation therapy. Calypso addresses two major issues in modern radiation oncology: errors in treatment set-up and tumor motion during treatment. In addition, the Calypso(R) 4D Localization System’s non-ionizing electromagnetic guidance has the potential to improve work flow efficiency and treatment room utilization. The technology is designed to enable clinicians to manage the response to organ motion body-wide in cancers commonly treated with radiation therapy, including prostate, breast, lung, head, neck and other radiation therapy target organs. FDA 510(k) clearance was received in 2006 for use in patients undergoing treatment for prostate cancer. For more information, visit www.calypsomedical.com or call 888-48-TRACK (1-888-488-7225)
About Swedish Medical Center
Swedish Medical Center is the largest, most comprehensive, nonprofit health provider in the Pacific Northwest. Founded in 1910, it now has more than 7,000 employees and a medical staff of more than 2,000 physicians, most of which are private practitioners. Swedish now encompasses three hospital campuses -- First Hill, Cherry Hill (formerly Providence) and Ballard -- totaling 1,245 licensed beds, a freestanding emergency room and specialty center in Issaquah, Swedish Home Care Services and Swedish Physicians -- a network of 12 primary-care clinics located throughout the Greater Seattle area. In addition to general medical and surgical care, Swedish is known as a regional referral center, providing specialized treatment in areas such as cardiovascular care, cancer care, orthopedics, high-risk obstetrics, neurological care, sleep medicine, pediatrics, organ transplantation and clinical research. For more information, visit www.swedish.org or call 1-800-SWEDISH (1-800-793-3474).
The Swedish Cancer Institute (SCI) opened in 1932 as the first dedicated cancer-care center west of the Mississippi. Today, it is the largest and most comprehensive cancer-treatment program in the Pacific Northwest, caring for more people with more types of cancer than any other provider in the region. The Institute has a presence on all three of Swedish’s hospital campuses: First Hill, Ballard and Cherry Hill. A true multidisciplinary program, the SCI offers a wide range of advanced cancer-treatment options in chemotherapy, radiation therapy and surgery -- backed by extensive diagnostic capabilities, patient education and support-group services. The SCI’s clinical-research arm encompasses industry-sponsored and cooperative group therapeutic trials, cancer screening and prevention trials, and investigator-initiated trials. Breast-cancer screening and diagnostics are available through the Swedish Breast Care Centers and mobile mammography units. Swedish radiation therapy is offered at area hospitals including Stevens Hospital (Edmonds); Valley Medical Center (Renton); Highline Community Hospital (Burien) and Northwest Hospital (North Seattle). SCI also has a new medical oncology clinic in East King Count near Issaquah.
Calypso Medical Technologies, Inc.
CONTACT: Lynn Purdy, VP Marketing, +1-206-774-4228,lpurdy@calypsomedical.com, or Investors, Eric R. Meier, President and CEO,+1-206-774-4207, emeier@calypsomedical.com
Web site: http://www.calypsomedical.com/
