FREMONT, Calif., May 6 /PRNewswire/ -- Xoft, Inc., a company developing electronic brachytherapy for cancer treatment, has closed a commercialization round of financing, raising $30 million. Demonstrating continued support for the proprietary, technology designed to deliver non-radioactive, isotope-free radiation treatment in virtually any clinical setting, the investment will allow Xoft to complete clinical validation studies on the Axxent(TM) Electronic Brachytherapy system and launch it in the multi-billion dollar breast cancer therapeutics market.
The Axxent Electronic Brachytherapy System, pending clearance from the FDA, uses disposable micro-miniature x-ray radiation sources to deliver treatment. Designed to deliver electronically generated ionizing radiation directly to tumor beds, this localized approach minimizes exposure of the patient’s healthy tissue to toxic radiation. A unique advantage is that it also minimizes radiation exposure to treatment staff. With Xoft’s electronic brachytherapy technology, users can control energy level and total dose, allowing more flexibility than isotope-based systems -- but in a non-shielded or lightly shielded clinical environment. This means that radiation treatment centers will have much more flexibility in installing the equipment in a greater number of facilities and in scheduling patients for therapy.
“Electronic Brachytherapy holds significant promise to help breast surgeons and radiation oncologists work together to provide the best possible therapy with the greatest clinical outcomes,” said Darius Francescatti, MD, assistant professor, Rush University Medical Center in Chicago. “I am proud to have been involved in the development and testing of this breakthrough therapy and look forward to being able to make it available to my patients.”
The investment also provides the opportunity to accelerate development of additional indications for this innovative technology, including potential treatments for gynecological, lung, and other cancers. All of Xoft’s current investors participated, including MPM Capital, Sutter Hill Ventures, Frazier Healthcare Ventures, Cutlass Capital, Frantz Medical Ventures and Mosaix Ventures. The round also included two new investors, Maverick Capital and RiverVest Venture Partners.
“As electronic brachytherapy moves closer to clinical practice, all indications are that this technology represents a leap forward in cancer treatment,” said Vivek Mehta, MD, Director for the Center of Advanced Targeted Radiation Therapy at Swedish Cancer Institute in Seattle.
In its first indication for use, the Axxent Electronic Brachytherapy System provides both the patient and the radiation oncologist the opportunity to reduce the time required for radiation therapy for early stage breast cancer from seven weeks (for external beam radiation therapy) down to five days. As a result, tens of thousands of patients will have greater access to therapy that is delivered more easily and conveniently. This may accelerate the choice towards breast-sparing lumpectomy surgery instead of a full mastectomy (which typically does not require a long course of radiation).
“Xoft’s proprietary Electronic Brachytherapy was designed to leverage the clinical benefits of both traditional brachytherapy and external beam radiation while reducing the time required to deliver the therapy from weeks to days,” said Michael Klein, Xoft CEO and president. “We’re pleased that the promise of this breakthrough technology continues to be recognized and rewarded by strong support from the investment community, as well as leading radiation oncologists and breast surgeons.”
About Xoft, Inc.
Xoft is developing leading-edge new technologies for the practice of radiation oncology through Electronic Brachytherapy, which utilizes proprietary miniaturized x-ray tube technology. The Axxent Electronic Brachytherapy System, Xoft’s first treatment system, is designed for use in Accelerated Partial Breast Irradiation (APBI) for the treatment of early-stage breast cancer. This solution provides a therapeutic dose of intracavitary radiation directly to the region at risk without the complex handling and resource logistics necessary when performing brachytherapy using radioactive isotopes.
NOTE: Axxent is a trademark of Xoft, Inc.
Xoft, Inc.
CONTACT: Chris K. Joseph, +1-510-339-2293, or chris@ckjcomm.com, forXoft, Inc.