The Series D funding will support the commercialization of Halifax's Eye90 microspheres.
Halifax-headquartered ABK Biomedical has raised US$35 million (C$49.1 million) in Series D funding to commercialize its liver cancer treatment.
The round was led by investment bank JP Morgan through its Life Sciences Private Capital unit, with participation from returning medtech investors including F-Prime Capital, Santé Ventures, Eight Roads Ventures, as well as “a large undisclosed manufacturing company.” medical equipment”. Following its first investment in JP Morgan Life Sciences Private Capital will receive a seat on ABK's board of directors.
Eye90 microspheres have been in clinical trials since 2021 and were recently approved for a second clinical study.
The Series D funding supports ABK's ongoing clinical activities, advances innovation and product development, and prepares it for the commercialization of its patented Eye90 microspheres, which are small “X-ray visible” particles that aid in diagnostic imaging.
ABK was founded at Dalhousie University in 2012 by materials scientists Dr Daniel Boyd and Dr Sharon Kehoe, and radiologist Dr Robert Abraham. The founders developed and patented their microsphere technology.
In 2018, ABK redesigned its microspheres to focus on Y90 radioembolization, a minimally invasive procedure that combines embolization (stopping blood flow to a specific blood vessel) and radiation therapy to treat liver cancer. Eye90 microspheres, as they have become known, have been in clinical trials since 2021 and were recently approved for medical use. second clinical trial evaluate their effectiveness in 120 patients with liver cancer. ABK claims that Eye90 microspheres are the first and only Y90 microsphere device that can be imaged.
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“We are looking forward to our Route90 Research demonstrating the revolutionary capabilities of Eye90 microspheres to offer the best care for patients with liver cancer,” ABK Biomedical President and CEO Mike Mangano said in a statement.
Eye90 earned Breakthrough device designation from the US Food and Drug Administration (FDA) in 2023. This designation is given to devices that can provide more effective treatment or diagnosis of life-threatening or debilitating conditions for which there is no approved alternative.
According to the company, ABK most recently raised a Series C round of US$30 million in 2022 to support Eye90's R&D, bringing its total funding to approximately C$90 million. Interviewer. Including Series D funding, ABK has already raised over C$140 million. ABK said any additional Series D funds will be used to scale up production and the supply chain to support commercialization of Eye90 “well into the future.”
Image provided ABK Biomedical.
