What You Should Know:
– RefleXion Medical, a therapeutic oncology company pioneering the use of biology-guided radiotherapy (BgRT) for all stages of cancer, today announced the closing of a $125M debt facility, of which $55M is available immediately to repay the company’s existing $50M of debt.
– The remaining $70M of the new facility will be made available upon reaching certain regulatory and commercial milestones. The funds will support the continued commercialization of the RefleXion X1 platform and the introduction of RefleXion’s novel BgRT technology.
Guiding Radiotherapy from Inside the Body
Founded in 2009, RefleXion is a privately held company developing the first biology-guided radiotherapy system, a significant change in strategy from single tumor therapy to the ability to one day treat multiple tumors in cancers that have metastasized. Currently, the RefleXion X1 machine is cleared for the delivery of stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS) and intensity-modulated radiotherapy (IMRT). The company is also developing BgRT, which incorporates positron-emission tomography (PET) imaging data to enable tumors to continuously signal their location. The BgRT technology will synchronize these data with the linear accelerator to direct radiotherapy to tumors with sub-second latency.
RefleXion announced a co-development agreement with Telix Pharmaceuticals to develop a new indication for Telix’s novel prostate surface membrane antigen (PSMA) targeted diagnostic PET radiotracer to include use with BgRT. In addition, the company recently signed a non-exclusive, worldwide licensing agreement with Mirada Medical. The agreement allows for the integration of Mirada’s RegEngine image registration algorithms into the RefleXion® X1 treatment planning software. The algorithms align patient anatomy between different imaging modalities or between radiotherapy treatments. Earlier this month, the company also hosted its first cancer symposium that included clinicians from 30 of the top cancer care programs in the United States.
BgRT is pending regulatory review and is not commercially available.
“We have again partnered with Oxford Finance to refinance our existing credit facility to lower our effective interest rate, increase access to additional funding and provide greater financial freedom as we approach the launch of our novel BgRT,” said Martyn Webster, chief financial officer at RefleXion Medical. “Among other things, these funds will allow us to expand our installation capacity and build a robust radiopharmaceutical program that will one day expand the clinical indications for BgRT to include advanced prostate and kidney cancers.”