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Leo Cancer Care, which manufactures upright radiotherapy treatment systems, announced it raised $40 million in a funding round led by Catalio Capital Management.
Dr. Nicholas von Guionneau, an analyst for Catalio, was appointed to Leo's board as an observer.
WHAT IT DOES
The company manufactures upright radiation therapy products, including a real-time image-guided proton treatment system that removes the need for a gantry. Instead, it utilizes a fixed radiation beam paired with slow patient rotation in a seated or perched position.
It also offers an upright particle therapy system that provides slow patient rotation, allowing for smaller treatment rooms.
The company will use the funds for the expansion of its particle and photon therapy offerings.
Later this month, Leo Cancer Care is expected to announce a new photon therapy product designed for upright patient treatments, as well as new partnerships and multi-system orders.
"We are very excited to welcome Catalio as an investor," Stephen Towe, cofounder and CEO of Leo Cancer Care, said in a statement.
"The trust and support of new and returning investors highlight the growing recognition of upright radiotherapy's potential to improve patient experiences and expand access to advanced treatments globally."
MARKET SNAPSHOT
Earlier this month, Leo Cancer Care and Sumitomo Heavy Industries, a medical technology company, introduced a new proton therapy configuration.
The new configuration combined Sumitomo Heavy Industries' compact cyclotron technology with Leo Cancer Care's Marie upright treatment offering, including patient positioning and CT imaging.
In July, Leo Cancer Care's flagship product, Marie, received 510(k) clearance from the U.S. Food and Drug Administration (FDA).
According to the company, Marie combines an upright patient positioning system and a CT scanner to reduce the size and cost compared to existing particle therapy solutions.
That same month, Leo Cancer Care agreed to license its Audio Visual Therapeutic Ambience in/for Radiotherapy (AVATAR) system to Stanford Medicine.
AVATAR is an immersive audio-visual distraction tool designed to engage and calm children while they receive radiotherapy treatment for cancer.
Stanford Health Care previously installed Leo Cancer Care's upright positioning and imaging technology within its Mevion S250-FIT Proton Therapy system.
Other companies in the radiotherapy space include GE HealthCare, which in April partnered with radiation therapy company Elekta to develop new software to improve clinicians' experience and enable greater precision in treatment.
Elekta used GE HealthCare's MIM Software imaging management platform, which GE HealthCare acquired earlier this month.
MIM's auto-contouring and treatment management platform will enable Elekta to develop radiation oncology treatments.
